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CA Darshak Shah
Provision before Budget 2022:
♦ Cash Credit is any sum found credited in the books of the taxpayer either by cash or bank deposit, for which he offers no explanation about the nature and source of funds or the tax authorities are not satisfied by the explanation offered by the taxpayer.
♦ The government has introduced several measures to curb Black Money in India and Section 68 is also one of the measures for detecting and diverting black money with the intention of evading taxes.
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Please guide, whether a borrower which is a private limited or anyone can ask/force lender to give his ITR /all type of secrecy related to financial matter to borrower? Can borrower ask/force to lender to go to Income Tax Department? Are these lawful rights of borrower? Suppose after repaying loan, lender refuse to cooperate,, what a borrower has legal rights against such lender? Suppose, there is enquiry u/s 68,though loan was not paid, lender does not want cooperate and demands to repay debts. Can borrower refuse to pay lender legally,? If due to non cooperation of lender, Income tax officer being remained unsatisfied, and add the loan amount to income of the borrower, Can borrower legally file a suit for recovery of that amount against lender?