dear frnds,
what is the importance of sec 68 cash credit.?
DT Fundas - Tarun rustagi
( Author)
(1150 Points)
Replied 14 September 2010
dear friend
Where any sum is found credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the A.O., satisfactory, the sum so credited may be charged to income-tax as the income of the assessee of that previous year.
tarun rustagi
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