https://www.taxtmi.com/caselaws?id=305294 The Tribunal allowed the Assessee's appeal in a case concerning the addition of unsecured loans under section 68 for A.Y. 2005-06. The Tribunal held that section 68 could only apply to loans taken or credited in the relevant assessment year, not from earlier years. As the loans were reflected in previous years' records and balance sheets, the Tribunal deemed the AO's addition as a legal mistake rectifiable under section 154. Consequently, the appeal was allowed, and the addition of the loan amount was overturned, emphasizing the importance of considering the timing of loans and past records in applying section 68. en-us Wed, 25 Mar 2015 00:00:00 +0530 Sun, 27 Nov 2022 20:36:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305294 The Tribunal allowed the Assessee's appeal in a case concerning the addition of unsecured loans under section 68 for A.Y. 2005-06. The Tribunal held that section 68 could only apply to loans taken or credited in the relevant assessment year, not from earlier years. As the loans were reflected in previous years' records and balance sheets, the Tribunal deemed the AO's addition as a legal mistake rectifiable under section 154. Consequently, the appeal was allowed, and the addition of the loan amount was overturned, emphasizing the importance of considering the timing of loans and past records in applying section 68. Case-Laws Income Tax Wed, 25 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305294