https://www.taxtmi.com/caselaws?id=797486 Section 68 cannot be used to treat a receipt admittedly received in an earlier financial year as unexplained cash credit in a later assessment year. Where an advance was received in financial year 2006-07, its addition in assessment year 2016-17 fell outside the statutory framework, even if the later disclosure of the related land-sale transaction was structured to seek set-off of capital gains against capital losses. Any suspected tax avoidance required legally appropriate action by the Assessing Officer; it could not justify assessing the earlier receipt as unexplained cash credit in the later year. en-us Thu, 20 Aug 2026 00:00:00 +0530 Sat, 22 Aug 2026 10:33:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=797486 Section 68 cannot be used to treat a receipt admittedly received in an earlier financial year as unexplained cash credit in a later assessment year. Where an advance was received in financial year 2006-07, its addition in assessment year 2016-17 fell outside the statutory framework, even if the later disclosure of the related land-sale transaction was structured to seek set-off of capital gains against capital losses. Any suspected tax avoidance required legally appropriate action by the Assessing Officer; it could not justify assessing the earlier receipt as unexplained cash credit in the later year. Case-Laws Income Tax Thu, 20 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=797486