https://www.taxtmi.com/caselaws?id=471123 Section 68 applies only to sums credited in the books during the relevant previous year when the taxpayer fails to explain their nature and source satisfactorily. An amount received through banking channels in an earlier financial year, recorded as an advance in audited accounts, and confirmed by the purchaser could not be treated as an unexplained cash credit in a later assessment year. Where the purchaser's identity and creditworthiness are undisputed, a Section 68 addition in the later year is unsustainable. The permissible assessment year is the year in which the credit is recorded. en-us Thu, 28 Nov 2024 00:00:00 +0530 Fri, 21 Aug 2026 20:33:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471123 Section 68 applies only to sums credited in the books during the relevant previous year when the taxpayer fails to explain their nature and source satisfactorily. An amount received through banking channels in an earlier financial year, recorded as an advance in audited accounts, and confirmed by the purchaser could not be treated as an unexplained cash credit in a later assessment year. Where the purchaser's identity and creditworthiness are undisputed, a Section 68 addition in the later year is unsustainable. The permissible assessment year is the year in which the credit is recorded. Case-Laws Income Tax Thu, 28 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471123