https://www.taxtmi.com/caselaws?id=397364 Section 68 applies only where a sum is found credited in the books of account for a previous year and the assessee offers no satisfactory explanation of its nature and source. A mere closing cash balance carried forward at year-end is not a credit entry for that purpose. As the addition was made only on the basis of the closing cash balance shown on 31 March 2015, the statutory condition for invoking section 68 was not met, and the addition was deleted. en-us Tue, 02 Jun 2020 00:00:00 +0530 Sat, 15 Aug 2020 14:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397364 Section 68 applies only where a sum is found credited in the books of account for a previous year and the assessee offers no satisfactory explanation of its nature and source. A mere closing cash balance carried forward at year-end is not a credit entry for that purpose. As the addition was made only on the basis of the closing cash balance shown on 31 March 2015, the statutory condition for invoking section 68 was not met, and the addition was deleted. Case-Laws Income Tax Tue, 02 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397364