https://www.taxtmi.com/caselaws?id=28072 The Bombay High Court held that unexplained cash credits for the assessment years 1958-59 and 1959-60 should be governed by the Indian Income Tax Act, 1922, not section 68 of the Income Tax Act, 1961. The court disagreed with the Appellate Assistant Commissioner and the Tribunal, ruling that the liability for such credits must be determined under the law applicable during the relevant assessment years. Therefore, the unexplained cash credits were to be assessed under the old Act, not section 68 of the Income Tax Act, 1961. en-us Thu, 13 Jan 1983 00:00:00 +0530 Wed, 17 Feb 2010 18:04:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28072 The Bombay High Court held that unexplained cash credits for the assessment years 1958-59 and 1959-60 should be governed by the Indian Income Tax Act, 1922, not section 68 of the Income Tax Act, 1961. The court disagreed with the Appellate Assistant Commissioner and the Tribunal, ruling that the liability for such credits must be determined under the law applicable during the relevant assessment years. Therefore, the unexplained cash credits were to be assessed under the old Act, not section 68 of the Income Tax Act, 1961. Case-Laws Income Tax Thu, 13 Jan 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28072