https://www.taxtmi.com/caselaws?id=214820 The Tribunal upheld the CIT(A)'s decision regarding the addition of unsecured loans as unexplained cash credit under section 68 of the Income Tax Act for the assessment years 2004-05 and 2005-06. The Tribunal ruled that section 68 can only be invoked for unexplained amounts credited during the previous year and not for opening balances, dismissing the appeals on this issue. Additionally, the disallowance of business expenditure and the admission of additional evidences were also upheld by the Tribunal, resulting in the dismissal of appeals by both the assessee and the revenue for the mentioned assessment years. en-us Fri, 25 May 2012 00:00:00 +0530 Tue, 17 Jul 2012 07:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214820 The Tribunal upheld the CIT(A)'s decision regarding the addition of unsecured loans as unexplained cash credit under section 68 of the Income Tax Act for the assessment years 2004-05 and 2005-06. The Tribunal ruled that section 68 can only be invoked for unexplained amounts credited during the previous year and not for opening balances, dismissing the appeals on this issue. Additionally, the disallowance of business expenditure and the admission of additional evidences were also upheld by the Tribunal, resulting in the dismissal of appeals by both the assessee and the revenue for the mentioned assessment years. Case-Laws Income Tax Fri, 25 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214820