Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2013 (7) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (7) TMI 523 - HC - Income TaxCash credit - Whether Section 68 of the Act applies only to cash credit - Held that:- where any sum is found credited in the books of an assessee and in the ends what is mentioned is the sum so credited may be charged to income-tax - In the body of the Section, the word used is either found credited or so credited, there is no indication in the Section that such a credit should be a cash credit - The essence is that the credit should be shown in the account and that would satisfy the requirement of Section 68 of the Act. Once the credit so mentioned in the Section is found to be not supported by any acceptable evidence, then the sum so credited may be charged to income-tax as the income of the assessee of that previous year - Decided in favour of the Revenue.
|