2017 (8) TMI 668 - SCH - Income Tax

Unexplained cash credit - HC has decided 2013 (7) TMI 523 - KARNATAKA HIGH COURT that 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 and Decided in favour of the Revenue. The special leave petition is dismissed on the ground of delay.