https://www.taxtmi.com/caselaws?id=364731 The High Court upheld the validity of a notice under Section 143(2) of the Income Tax Act, determining that it encompassed both the source of funds and the correct tax treatment. Regarding Section 68, the court clarified that unsatisfactory explanations for unexplained credits could lead to taxation. It distinguished Section 68 from Section 56(2)(viib), emphasizing their distinct applications. The High Court stressed the need to follow statutory remedies and court hierarchy, dismissing an appeal challenging jurisdiction and directing parties to bear costs. The appellant was allowed to address only the quantum issue before the appellate authority. en-us Thu, 12 Jul 2018 00:00:00 +0530 Mon, 10 Dec 2018 16:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=364731 The High Court upheld the validity of a notice under Section 143(2) of the Income Tax Act, determining that it encompassed both the source of funds and the correct tax treatment. Regarding Section 68, the court clarified that unsatisfactory explanations for unexplained credits could lead to taxation. It distinguished Section 68 from Section 56(2)(viib), emphasizing their distinct applications. The High Court stressed the need to follow statutory remedies and court hierarchy, dismissing an appeal challenging jurisdiction and directing parties to bear costs. The appellant was allowed to address only the quantum issue before the appellate authority. Case-Laws Income Tax Thu, 12 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=364731