{"id":33666,"date":"2023-04-07T07:36:27","date_gmt":"2023-04-07T02:06:27","guid":{"rendered":"https:\/\/itatonline.org\/digest\/?post_type=qa&#038;p=33666"},"modified":"2023-04-07T07:36:27","modified_gmt":"2023-04-07T02:06:27","slug":"addition-u-sec-68-in-the-hands-of-nbfc-for-accepting-amount-from-borrower-in-demonetization-period","status":"publish","type":"qa","link":"https:\/\/itatonline.org\/digest\/qa\/addition-u-sec-68-in-the-hands-of-nbfc-for-accepting-amount-from-borrower-in-demonetization-period\/","title":{"rendered":"Addition U\/SEc. 68 in the hands of  NBFC for accepting amount from borrower in demonetization period"},"content":{"rendered":"<p>Assessee is NBFC registered under Co Act as well as RBI. During the period of demonetization assessee co accepts cash in old currency amounting to Rs 1410000\/- from the borrowers up to 14.11.2016 and from 15.11.2016 till 31.12.2016 amounting to Rs. 2010000\/-. AO has made addition U\/sec. 68 on the ground that NBFC are not permitted to accept currency in Old Notes from any one and therefore the amount is unexplained cash credit to be added U\/sec. 68, eventhough assessee co has given complete details of the persons from whom amount is received towards repayment of loan taken from NBFC.\u00a0 Whether action of AO is justified ?<\/p>\n<p>Pl guide .<\/p>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","qa_expert":[22],"qa_category":[23],"qa_tag":[535,871,870],"class_list":["post-33666","qa","type-qa","status-publish","hentry","qa_expert-advocate-neelam-jadhav","qa_category-income-tax","qa_tag-cash-deposit","qa_tag-demonetization","qa_tag-nbfc"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa\/33666","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/qa"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=33666"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=33666"}],"wp:term":[{"taxonomy":"qa_expert","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_expert?post=33666"},{"taxonomy":"qa_category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_category?post=33666"},{"taxonomy":"qa_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_tag?post=33666"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}