https://www.taxtmi.com/caselaws?id=242121 The High Court ruled in favor of the appellant in a case concerning the interpretation of Section 68 of the Income Tax Act. The Court held that the Assessing Officer's estimation of income beyond the credited amount was not justified under Section 68. The Court emphasized that Section 68 does not allow for estimation beyond the specific unexplained sum found in the assessee's books. Therefore, the Court allowed the appeal, highlighting the importance of adhering to the precise wording and intent of tax laws, particularly in cases involving unexplained credits in the assessee's books. en-us Tue, 13 Aug 2013 00:00:00 +0530 Mon, 03 Feb 2014 12:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242121 The High Court ruled in favor of the appellant in a case concerning the interpretation of Section 68 of the Income Tax Act. The Court held that the Assessing Officer's estimation of income beyond the credited amount was not justified under Section 68. The Court emphasized that Section 68 does not allow for estimation beyond the specific unexplained sum found in the assessee's books. Therefore, the Court allowed the appeal, highlighting the importance of adhering to the precise wording and intent of tax laws, particularly in cases involving unexplained credits in the assessee's books. Case-Laws Income Tax Tue, 13 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242121