https://www.taxtmi.com/caselaws?id=459966 The Punjab & Haryana HC ruled in favor of the revenue, affirming the application of Section 68 of the Income Tax Act. The court held that an entry credited on the last day of the financial year constitutes accrued income, even if reversed the following day, due to concerns of potential misuse. The court emphasized that income tax should be levied on accrued income, not hypothetical income, dismissing the appellant's arguments regarding the entry's erroneous nature. Consequently, the appeal was dismissed, and all pending applications were disposed of. en-us Wed, 08 May 2024 00:00:00 +0530 Mon, 06 Jan 2025 19:01:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459966 The Punjab & Haryana HC ruled in favor of the revenue, affirming the application of Section 68 of the Income Tax Act. The court held that an entry credited on the last day of the financial year constitutes accrued income, even if reversed the following day, due to concerns of potential misuse. The court emphasized that income tax should be levied on accrued income, not hypothetical income, dismissing the appellant's arguments regarding the entry's erroneous nature. Consequently, the appeal was dismissed, and all pending applications were disposed of. Case-Laws Income Tax Wed, 08 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459966