https://www.taxtmi.com/caselaws?id=37180 The High Court held that unexplained cash credits in the assessee's books were chargeable as income for the assessment year 1962-63 under the Income Tax Act, 1961. The Court rejected the argument that these credits should be assessed in the previous year under the Indian I.T. Act, 1922. The judgment emphasized the applicability of the Act of 1961 to the assessment, ultimately ruling in favor of the revenue regarding the treatment of the cash credits as income for the relevant assessment year. en-us Fri, 09 Mar 1979 00:00:00 +0530 Sat, 27 Mar 2010 11:33:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37180 The High Court held that unexplained cash credits in the assessee's books were chargeable as income for the assessment year 1962-63 under the Income Tax Act, 1961. The Court rejected the argument that these credits should be assessed in the previous year under the Indian I.T. Act, 1922. The judgment emphasized the applicability of the Act of 1961 to the assessment, ultimately ruling in favor of the revenue regarding the treatment of the cash credits as income for the relevant assessment year. Case-Laws Income Tax Fri, 09 Mar 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37180