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Section 68 of Income Tax Act doesn't apply to BMPL and SSL loans; credits from earlier years not unexplained.

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Full Text of the Document

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....Addition u/s 68 - unexplained credits - The provisions of Section 68 of the Act are attracted in case of unexplained credits during the relevant previous year. Since the outstanding loan/liability pertaining to BMPL and pertaining to SSL represent credits of earlier years, provisions of Section 68 would not be attracted in the facts and circumstances of the present case. - AT....

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