https://www.taxtmi.com/caselaws?id=415744 The Income Tax Appellate Tribunal (ITAT) dismissed the Assessing Officer's appeal against the deletion of an addition under section 68 of the Income Tax Act for unexplained cash credit. The ITAT upheld the Commissioner of Income-tax (Appeals) decision to delete a portion of the addition as it was not credited in the current year, emphasizing that only sums found credited in the previous year can be added under section 68. The ITAT rejected the AO's argument regarding considering unsecured loans from earlier years for addition under section 68, stating it lacked legal support. en-us Fri, 10 Dec 2021 00:00:00 +0530 Mon, 13 Dec 2021 08:36:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415744 The Income Tax Appellate Tribunal (ITAT) dismissed the Assessing Officer's appeal against the deletion of an addition under section 68 of the Income Tax Act for unexplained cash credit. The ITAT upheld the Commissioner of Income-tax (Appeals) decision to delete a portion of the addition as it was not credited in the current year, emphasizing that only sums found credited in the previous year can be added under section 68. The ITAT rejected the AO's argument regarding considering unsecured loans from earlier years for addition under section 68, stating it lacked legal support. Case-Laws Income Tax Fri, 10 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415744