https://www.taxtmi.com/caselaws?id=468690 Share application money received in earlier previous years and recorded in the books as pending allotment could not be taxed as unexplained credit in a later assessment year under section 68, because that provision applies only to the year in which the credit is found in the books. Where the amounts had arisen in earlier years and were merely regularised or capitalised later after allotment of shares, they could not be brought to tax again in the subsequent year. The principle was applied to hold that the addition for the later assessment year was not sustainable. en-us Thu, 06 Feb 2025 00:00:00 +0530 Sun, 17 May 2026 09:19:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468690 Share application money received in earlier previous years and recorded in the books as pending allotment could not be taxed as unexplained credit in a later assessment year under section 68, because that provision applies only to the year in which the credit is found in the books. Where the amounts had arisen in earlier years and were merely regularised or capitalised later after allotment of shares, they could not be brought to tax again in the subsequent year. The principle was applied to hold that the addition for the later assessment year was not sustainable. Case-Laws Income Tax Thu, 06 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468690