https://www.taxtmi.com/caselaws?id=22278 HC upheld the Appellate Tribunal, holding that the opening debit balance in the accounting year retains the character as of the previous year's closing and cannot be reopened in the current year where no earlier additions were made. Deductions allowed in prior years rested on the assumption those advances were not out of borrowed funds, and Revenue cannot take a contradictory stance now without reopening past assessments. The enquiry is therefore limited to the increase during the current year; decision against Revenue. en-us Mon, 28 Jan 1991 00:00:00 +0530 Sat, 25 Oct 2025 13:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22278 HC upheld the Appellate Tribunal, holding that the opening debit balance in the accounting year retains the character as of the previous year's closing and cannot be reopened in the current year where no earlier additions were made. Deductions allowed in prior years rested on the assumption those advances were not out of borrowed funds, and Revenue cannot take a contradictory stance now without reopening past assessments. The enquiry is therefore limited to the increase during the current year; decision against Revenue. Case-Laws Income Tax Mon, 28 Jan 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22278