https://www.taxtmi.com/caselaws?id=36666 The High Court of Calcutta addressed the taxability of unexplained cash credits in a firm's books for the assessment year 1963-64. The Income Tax Officer added the credits, later corrected by the Appellate Assistant Commissioner. The Tribunal disagreed on the credits' genuineness, with the Court ruling in favor of the revenue under section 68 of the Income-tax Act, 1961. The Court held that unexplained amounts may be assessed as income for the relevant accounting year, even if credited on the first day, answering the question in the negative. Judge R. N. Pyne concurred with the judgment. en-us Mon, 31 Mar 1980 00:00:00 +0530 Tue, 23 Mar 2010 17:27:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36666 The High Court of Calcutta addressed the taxability of unexplained cash credits in a firm's books for the assessment year 1963-64. The Income Tax Officer added the credits, later corrected by the Appellate Assistant Commissioner. The Tribunal disagreed on the credits' genuineness, with the Court ruling in favor of the revenue under section 68 of the Income-tax Act, 1961. The Court held that unexplained amounts may be assessed as income for the relevant accounting year, even if credited on the first day, answering the question in the negative. Judge R. N. Pyne concurred with the judgment. Case-Laws Income Tax Mon, 31 Mar 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36666