https://www.taxtmi.com/caselaws?id=756201 ITAT Bangalore held that additions under section 68 for unexplained cash credits can only be made in the year credits were received, not in subsequent years for opening balances from earlier years. The tribunal restored the matter to AO to verify opening balances brought forward from previous years and delete inappropriate additions. For current year unsecured loans, the case was remanded to AO for fresh examination of parties' identities, genuineness of transactions, and creditworthiness, particularly where parties replied from assessee's address. Appeal partly allowed for statistical purposes. en-us Wed, 24 Jul 2024 00:00:00 +0530 Mon, 29 Jul 2024 10:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756201 ITAT Bangalore held that additions under section 68 for unexplained cash credits can only be made in the year credits were received, not in subsequent years for opening balances from earlier years. The tribunal restored the matter to AO to verify opening balances brought forward from previous years and delete inappropriate additions. For current year unsecured loans, the case was remanded to AO for fresh examination of parties' identities, genuineness of transactions, and creditworthiness, particularly where parties replied from assessee's address. Appeal partly allowed for statistical purposes. Case-Laws Income Tax Wed, 24 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756201