TMI BlogUnexplained cash credit under section 68 - if we deny the claim of the assessee for having received the...Unexplained cash credit under section 68 - if we deny the claim of the assessee for having received the money from the society, it would lead to the double addition of the same item of the cash receipt which is unwanted under the provisions of law. Firstly, the amount of cash receipt from the society will suffer from the tax in the year under consideration and secondly, the assessee failed to claim the benefit of the higher amount of available cash in hand as on 1st April 2006 before the settlem..... ..... X X X X Extracts X X X X X X X X Extracts X X X X
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