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unaccounted money can be called as legally enforceable debt
24-Dec-2023 (In Cheque Bounce Law)
Loan not shown in IT Returns can fall within the definition of legally enforceable debt
Yes unaccounted money is a legally enforceable debt because of it is not shown in the IT returns there is no bar to say that it is not legally enforceable debt. In the IT Act also there is no provision saying that unaccounted money is not legally enforceable at law but subject to some conditions and consequences. A person can not shift his burden of liability only on the ground that debt is not shown in the IT Act.
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Adv. Sai Krishna Reddy Challa
Nellore | 25+ Answers
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