https://www.taxtmi.com/caselaws?id=28090 The High Court clarified the application of sections 68 and 69 of the Income Tax Act in a case involving an unexplained entry in the assessee's books for the assessment year 1973-74. It held that section 68 applies to unexplained sums credited in the books, charged to income tax for the relevant year, while section 69 relates to unexplained investments not recorded. The court found the unexplained entry correctly treated as income under section 68. Additionally, it ruled that the Income Tax Officer was justified in taxing the amount as income for the relevant year, rejecting arguments based on previous assessment orders. The Department prevailed, and the assessee was directed to pay costs. en-us Tue, 19 Apr 1983 00:00:00 +0530 Fri, 19 Feb 2010 10:27:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28090 The High Court clarified the application of sections 68 and 69 of the Income Tax Act in a case involving an unexplained entry in the assessee's books for the assessment year 1973-74. It held that section 68 applies to unexplained sums credited in the books, charged to income tax for the relevant year, while section 69 relates to unexplained investments not recorded. The court found the unexplained entry correctly treated as income under section 68. Additionally, it ruled that the Income Tax Officer was justified in taxing the amount as income for the relevant year, rejecting arguments based on previous assessment orders. The Department prevailed, and the assessee was directed to pay costs. Case-Laws Income Tax Tue, 19 Apr 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28090