https://www.taxtmi.com/caselaws?id=328120 The Tribunal partially allowed the appeal, directing the Assessing Officer to exclude certain credits from the addition under section 68 of the Income Tax Act. The Tribunal emphasized that if liabilities were not credited in the relevant previous year, section 68 cannot be applied. It also highlighted that consent or acceptance by the assessee does not automatically authorize the assessing authority to make an addition. The Assessing Officer was instructed to verify and exclude old credits carried forward from earlier years before making a final decision, ensuring the assessee's right to be heard. en-us Fri, 22 Apr 2016 00:00:00 +0530 Thu, 26 May 2016 08:19:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328120 The Tribunal partially allowed the appeal, directing the Assessing Officer to exclude certain credits from the addition under section 68 of the Income Tax Act. The Tribunal emphasized that if liabilities were not credited in the relevant previous year, section 68 cannot be applied. It also highlighted that consent or acceptance by the assessee does not automatically authorize the assessing authority to make an addition. The Assessing Officer was instructed to verify and exclude old credits carried forward from earlier years before making a final decision, ensuring the assessee's right to be heard. Case-Laws Income Tax Fri, 22 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328120