https://www.taxtmi.com/caselaws?id=31892 The High Court upheld the Tribunal's decision regarding unexplained deposits under Section 68 of the Income Tax Act for the Assessment Year 1987-88. The court ruled in favor of the assessee, stating that the liability to pay tax did not arise as the company was incorporated after the credits were introduced, following the legal precedent that income earned before incorporation cannot be taxed in the company's hands. The appeal was dismissed with no costs. en-us Fri, 27 Jun 2008 00:00:00 +0530 Wed, 15 Jul 2026 13:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=31892 The High Court upheld the Tribunal's decision regarding unexplained deposits under Section 68 of the Income Tax Act for the Assessment Year 1987-88. The court ruled in favor of the assessee, stating that the liability to pay tax did not arise as the company was incorporated after the credits were introduced, following the legal precedent that income earned before incorporation cannot be taxed in the company's hands. The appeal was dismissed with no costs. Case-Laws Income Tax Fri, 27 Jun 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=31892