https://www.taxtmi.com/caselaws?id=765942 Section 68 applies only where a sum is credited in the books of account of the relevant previous year; an amount shown as an advance paid in an earlier year and reflected as an asset cannot be treated as an unexplained liability. On the facts, the amount in the name of Santosh Trust was paid through banking channels in an earlier assessment year, and the first appellate authority's factual finding to that effect was not displaced by any cogent material. The addition was therefore deleted, and the Revenue's appeal failed on this issue. en-us Tue, 31 Dec 2024 00:00:00 +0530 Thu, 13 Feb 2025 08:36:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765942 Section 68 applies only where a sum is credited in the books of account of the relevant previous year; an amount shown as an advance paid in an earlier year and reflected as an asset cannot be treated as an unexplained liability. On the facts, the amount in the name of Santosh Trust was paid through banking channels in an earlier assessment year, and the first appellate authority's factual finding to that effect was not displaced by any cogent material. The addition was therefore deleted, and the Revenue's appeal failed on this issue. Case-Laws Income Tax Tue, 31 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765942