Wednesday, 27 November 2013

Residual income from a sham transaction held taxable as unexplained cash credits under sec. 68

IT : Where assessee in return of income under head 'income from other sources' had shown certain income as commodity income received from a party and it was not relatable to business of assessee and was a sham transaction, said income would fall under section 68, being unexplained cash receipts


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