All areas of taxation : Personal Tax, Corporate Tax. | Suggesting legal structure of business entities. | Transactional advisory - optimal deal structure | T
|
68. Cash credits. —Where any sum is found credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the sum so credited may be charged to income-tax as the income of the assessee of that previous year :
Provided that where the assessee is a company (not being a company in which the public are substantially interested), and the sum so credited consists of share application money, share capital, share premium or any such amount by whatever name called, any explanation offered by such assessee-company shall be deemed to be not satisfactory, unless— (a) the person, being a resident in whose name such credit is recorded in the books of such company also offers an explanation about the nature and source of such sum so credited; and (b) such explanation in the opinion of the Assessing Officer aforesaid has been found to be satisfactory: Provided further that nothing contained in the first proviso shall apply if the person, in whose name the sum referred to therein is recorded, is a venture capital fund or a venture capital company as referred to in clause (23FB) of section 10. |
What We Do
Our Services
Indirect Taxes
Advising client on establishment of indirect tax management system, in all areas i.e. GST Audit, Customs, Foreign Trade P
Auditing and Assurance Service
We are blessed with team of qualified chartered accountants highly efficient in auditing and assurance services. Our wide range of services are aimed for financial sta
Accounting Services
We offer highly efficient accounting services which are provided by us for our local, national and international clients. We also offer design, implementation and revi
Societies and Trust Consultanc
We are engaged in providing societies and trust consultancy to our clients. Our wide range of services include formation, registration U/s
Company Law Matters Consultanc
Every company according to the India law need to register with the registrar of companies and it is also necessary with documents for vari
CONSULTATION
Client Login
CONSULTATION
ASK A QUERY
