https://www.taxtmi.com/highlights?id=78964 The High Court considered an appeal regarding unexplained cash credit u/s 68 of the Income Tax Act. The issue was whether the unsecured loan to the assessee should be treated as income. The court noted that the loan was repaid by the assessee within the financial year. Referring to precedents, the court emphasized that section 68 allows for charging unexplained cash credit as income only if there is no satisfactory explanation. The court clarified that the use of "may" in the provision means that unsatisfactory explanation does not automatically deem the credited amount as income. Consequently, the revenue appeal was found without merit and dismissed. en-us Sat, 29 Jun 2024 09:18:55 +0530 Sat, 29 Jun 2024 09:18:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=78964 The High Court considered an appeal regarding unexplained cash credit u/s 68 of the Income Tax Act. The issue was whether the unsecured loan to the assessee should be treated as income. The court noted that the loan was repaid by the assessee within the financial year. Referring to precedents, the court emphasized that section 68 allows for charging unexplained cash credit as income only if there is no satisfactory explanation. The court clarified that the use of "may" in the provision means that unsatisfactory explanation does not automatically deem the credited amount as income. Consequently, the revenue appeal was found without merit and dismissed. Highlights Income Tax Sat, 29 Jun 2024 09:18:55 +0530 https://www.taxtmi.com/highlights?id=78964