TMI Blog1980 (3) TMI 68X X X X Extracts X X X X X X X X Extracts X X X X ..... f the case, and on a correct interpretation of section 68 of the Income-tax Act, 1961, the Tribunal was right in holding that the unexplained cash credits amounting to Rs. 8, 100 appearing within one month of the commencement of the business in the books maintained for the previous year relevant to the assessment year 1963-64 were not taxable as the income of the assessee of the said previous year ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l and the Accountant Members of the Tribunal were not satisfied with the genuineness of those cash credits. The judicial Member, however, held that Rs. 8,100 being the cash credit appearing within one month of the commencement of the previous year could not represent the income of the assessee of the year under reference. The Accountant Member did not agree with him. The matter was thereafter refe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... credited on the very first day of the accounting year and the explanation offered by the assessee is not accepted such amount may be assessed as income of the assessee of the accounting year for which the books are maintained: (See 7th Edn., Vol. I of Palkhivala's Income Tax Act, at page 610, s. 68 under the heading " Cash credit on first day of accounting year "). In the premises, we answer the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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