https://www.taxtmi.com/caselaws?id=376249 Section 68 applies only to credits of the relevant year that remain unexplained; where the assessee produced ledger accounts, bank records and balance-sheet schedules showing the basis of the sister concern balance, the addition was unsustainable. An opening balance carried forward from an earlier year could not be taxed under section 68 because it was not a credit of the year under consideration, and the deletion was upheld. Outstanding sundry creditors were not taxable under section 41(1) or section 28(iv) because the liabilities continued to be shown as payable, were not written off, and there was no remission, cessation, or taxable business benefit. en-us Wed, 27 Feb 2019 00:00:00 +0530 Wed, 06 Mar 2019 06:21:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376249 Section 68 applies only to credits of the relevant year that remain unexplained; where the assessee produced ledger accounts, bank records and balance-sheet schedules showing the basis of the sister concern balance, the addition was unsustainable. An opening balance carried forward from an earlier year could not be taxed under section 68 because it was not a credit of the year under consideration, and the deletion was upheld. Outstanding sundry creditors were not taxable under section 41(1) or section 28(iv) because the liabilities continued to be shown as payable, were not written off, and there was no remission, cessation, or taxable business benefit. Case-Laws Income Tax Wed, 27 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376249