Recoveries of farmer’s advances duly reflected in Cash Book, not Unexplained Cash credit u/s 68 of Income Tax Act: ITAT [Read Order]
When recoveries of farmers advances were duly reflected in cash book of assessee it would not be treated as unexplained cash credit under Section 68 of the Income Tax Act
By Aparna. M - On May 29, 2024 12:56 pm - 2 mins read
The Chennai Bench, Income Tax Appellate Tribunal ( ITAT ) held that when recoveries of farmers advances were duly reflected in cash book of assessee it would not be treated as unexplained cash credit under Section 68 of the Income Tax Act, 1961 The Assessee Arumuga Sugars Ltd. resident corporate assessee is stated to be engaged in…
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