Loan received out of Bogus Share Capital of lender- Unexplained Income?

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If appellant explained source of loans received by it and duly discharges the onus cast on him under section 68 of Income Tax Act 1961 than despite the fact that lender may have raised bogus share capital to advance funds to appellant does not mean that loan received by appellant can be treated as unexplained income under section 68 of Income Tax Act, 1961.

May 20, 2017 at 01:09PM

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from CA Sandeep Kanoi

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