https://www.taxtmi.com/caselaws?id=29227 The High Court of Bombay upheld the application of section 68 of the Income-tax Act, 1961 in a case involving discrepancies in the assessee's capital account for the assessment year 1962-63. The court ruled that section 68 can apply even without actual cash credit entries, as excess credit entries over debits were evident in the balance-sheet. Despite some relief provided by the Appellate Authority Commissioner, the court directed the assessee to pay costs to the Department, affirming the Income Tax Officer's assessment of the entire amount in the capital account as undisclosed income. en-us Fri, 05 Dec 1980 00:00:00 +0530 Thu, 11 Mar 2010 15:21:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29227 The High Court of Bombay upheld the application of section 68 of the Income-tax Act, 1961 in a case involving discrepancies in the assessee's capital account for the assessment year 1962-63. The court ruled that section 68 can apply even without actual cash credit entries, as excess credit entries over debits were evident in the balance-sheet. Despite some relief provided by the Appellate Authority Commissioner, the court directed the assessee to pay costs to the Department, affirming the Income Tax Officer's assessment of the entire amount in the capital account as undisclosed income. Case-Laws Income Tax Fri, 05 Dec 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29227