https://www.taxtmi.com/caselaws?id=392406 Where a sum is credited in books of a prior year without proper explanation, that credit cannot be taxed as income of a later previous year; the expression previous year must be read as the year relevant to the assessment year, so taxing an earlier-year credit in a subsequent assessment year is impermissible, favouring the assessee. Separately, an ad hoc 10% disallowance of labour cash payments was upheld: concurrent factual findings by assessing and appellate authorities and the tribunal showed opportunity to explain and a business-judgment based, non-perverse exercise of discretion, resulting in disallowance upheld against the assessee. en-us Fri, 14 Feb 2020 00:00:00 +0530 Sun, 01 Feb 2026 12:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392406 Where a sum is credited in books of a prior year without proper explanation, that credit cannot be taxed as income of a later previous year; the expression previous year must be read as the year relevant to the assessment year, so taxing an earlier-year credit in a subsequent assessment year is impermissible, favouring the assessee. Separately, an ad hoc 10% disallowance of labour cash payments was upheld: concurrent factual findings by assessing and appellate authorities and the tribunal showed opportunity to explain and a business-judgment based, non-perverse exercise of discretion, resulting in disallowance upheld against the assessee. Case-Laws Income Tax Fri, 14 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392406