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HomeDirect TaxUnexplained Sundry Credits Without Proof of Source Can’t Be Treated as Business...

Unexplained Sundry Credits Without Proof of Source Can’t Be Treated as Business Income for Deduction: Madras High Court

Direct Tax

Published on

By Mariya Paliwala
Madras HC

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The Madras High Court has held that sundry credits, whose source and identity remain unproven, cannot be treated as business income for claiming deductions under Sections 80-IA/80-IB of the Income Tax Act, 1961, instead the amounts must be taxed as unexplained income under Section 68. The bench of Dr. Justice G. Jayachandran and Justice Shamim…

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Mariya Paliwala
Mariya Paliwalahttps://www.jurishour.in/
Mariya is the Senior Editor at Juris Hour. She has 7+ years of experience on covering tax litigation stories from the Supreme Court, High Courts and various tribunals including CESTAT, ITAT, NCLAT, NCLT, etc. Mariya graduated from MLSU Law College, Udaipur (Raj.) with B.A.LL.B. and also holds an LL.M. She started her career as a freelance tax reporter in the leading online legal news companies.

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