https://www.taxtmi.com/caselaws?id=343902 The Tribunal allowed the appeal for statistical purposes, remanding the case to the Assessing Officer to verify if the credits were opening balances from previous years or related to the current year. Emphasizing the need for the appellant to substantiate the legitimacy of the credits and prove creditworthiness, the Tribunal directed a fresh examination. The appellant was granted an opportunity to present their case during reassessment, highlighting the importance of verifying the nature and timing of credits before making additions under section 68 of the Income Tax Act, 1961. en-us Wed, 31 May 2017 00:00:00 +0530 Mon, 05 Jun 2017 07:10:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343902 The Tribunal allowed the appeal for statistical purposes, remanding the case to the Assessing Officer to verify if the credits were opening balances from previous years or related to the current year. Emphasizing the need for the appellant to substantiate the legitimacy of the credits and prove creditworthiness, the Tribunal directed a fresh examination. The appellant was granted an opportunity to present their case during reassessment, highlighting the importance of verifying the nature and timing of credits before making additions under section 68 of the Income Tax Act, 1961. Case-Laws Income Tax Wed, 31 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343902