https://www.taxtmi.com/caselaws?id=343377 The court ruled in favor of the revenue, holding that despite non-encashment of cheques, credited entries without a satisfactory explanation would attract Section 68 of the Income Tax Act. The court emphasized that Section 68 does not differentiate between cash and cheque transactions, focusing on the presence of credited entries and unsatisfactory explanations. The judgment differentiated regular entries from those leading to deemed income, deeming the sum as income chargeable to tax. Consequently, the appeal was dismissed, affirming the Assessing Officer's treatment of the amount as taxable income under Section 68. en-us Thu, 18 May 2017 00:00:00 +0530 Wed, 24 May 2017 07:04:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343377 The court ruled in favor of the revenue, holding that despite non-encashment of cheques, credited entries without a satisfactory explanation would attract Section 68 of the Income Tax Act. The court emphasized that Section 68 does not differentiate between cash and cheque transactions, focusing on the presence of credited entries and unsatisfactory explanations. The judgment differentiated regular entries from those leading to deemed income, deeming the sum as income chargeable to tax. Consequently, the appeal was dismissed, affirming the Assessing Officer's treatment of the amount as taxable income under Section 68. Case-Laws Income Tax Thu, 18 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343377