https://www.taxtmi.com/caselaws?id=36471 The court held that section 68 of the Income Tax Act, 1961, is a substantive provision determining tax liability on unexplained cash credits, making it applicable for any previous year. The court ruled in favor of the revenue, declaring the sum of Rs. 9,000 as assessable for the assessment year 1960-61, rejecting the assessee's argument for taxation in the subsequent year. The court emphasized the statutory liability created by section 68, distinguishing it from procedural provisions, and directed the assessee to pay costs. en-us Mon, 14 Apr 1980 00:00:00 +0530 Mon, 22 Mar 2010 15:18:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36471 The court held that section 68 of the Income Tax Act, 1961, is a substantive provision determining tax liability on unexplained cash credits, making it applicable for any previous year. The court ruled in favor of the revenue, declaring the sum of Rs. 9,000 as assessable for the assessment year 1960-61, rejecting the assessee's argument for taxation in the subsequent year. The court emphasized the statutory liability created by section 68, distinguishing it from procedural provisions, and directed the assessee to pay costs. Case-Laws Income Tax Mon, 14 Apr 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36471