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2012 (6) TMI 32 - HC - Income TaxUnexplained cash credits - addition made u/s 68 of cash credits, related to the earlier previous year - Held that:- The phrase "previous year" is very relevant. This indicates that the cash credits which has not been found satisfactorily explained can be added in the income of the assessee of that previous year in which those cash credits were recorded in the account books. The cash credits made in the earlier financial years could not be added in the income of the assessee. Also, in view of non-rejection of books of accounts by Assessing officer, it is held that Tribunal has committed no illegality in confirming the order passed by the CIT(A) deleting the additions - Decided in favor of assessee.
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