Nature and source of credit being linked to business it cannot be assessed under deeming section 68

ACIT Vs Mangal & Mangal (ITAT Chennai)

ITAT Chennai held that once the nature and source of credit found in the books of accounts is linked to business, then any income generated out of such business activity is assessable under the head income from business and profession alone, but not under the provisions of section 68 of the Income Tax Act.

Facts- M/s. Mangal & Mangal is engaged in the business of trading in gold jewellery, silvery ornaments, e

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