https://www.taxtmi.com/caselaws?id=267162 An addition under section 68 could not be sustained where the impugned credits were found to be old brought forward balances from earlier years, because unexplained credits are taxable in the year in which they are actually credited and the prior-year character of the balances was not displaced. The deletion of the addition was therefore upheld. The disallowance of interest paid to the creditors also failed, as no material was produced to show that the payment was bogus or otherwise not genuine. The appellate deletions were maintained in favour of the assessee. en-us Mon, 07 Sep 2015 00:00:00 +0530 Tue, 15 Dec 2015 10:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267162 An addition under section 68 could not be sustained where the impugned credits were found to be old brought forward balances from earlier years, because unexplained credits are taxable in the year in which they are actually credited and the prior-year character of the balances was not displaced. The deletion of the addition was therefore upheld. The disallowance of interest paid to the creditors also failed, as no material was produced to show that the payment was bogus or otherwise not genuine. The appellate deletions were maintained in favour of the assessee. Case-Laws Income Tax Mon, 07 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267162