Income Tax

Section 68 explained is one of the most litigated provisions under the Income-tax Act. Whenever unexplained cash credits, share capital, or loans appear in the books of an assessee, the Assessing Officer frequently invokes section 68, leading to additions during scrutiny or reassessment. Section 68 Explained – Cash Credits, Share Capital and Loans Section 68 … Read more

What are Sections 69 and 69A of the Income-tax Act? Section 69 and 69A of the Income-tax Act, 1961 deal with unexplained investments and unexplained money respectively. These provisions empower the Assessing Officer to treat certain amounts as income where the assessee is unable to satisfactorily explain their source. While Section 68 applies to unexplained … Read more