2024 (5) TMI 1503

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....isted by Mr. Alok Mittal, Advocate, for the appellant Mr. Vaibhav Gupta, Senior Panel Counsel, for the respondents ORDER SANJEEV PRAKASH SHARMA, J. ( ORAL ) The present appeal has been preferred by the appellant assailing the order dated 13.03.2015 passed by Income Tax Appellate Tribunal, Chandigarh, Bench 'A' (hereinafter for short 'ITAT'), who upheld Assessing Officer and dismissed the o....

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....aid entries cannot be said to be the income for the previous year as it was wrongfully entered and reversed immediately on the next day. He further submits that one of the Directors had issued cheque for Rs.1,80,000,00/-, which was returned back on the next day. 4. Section 68 of the Act provides as under:- "Cash credits. 68. Where any sum is found credited in the books of an assessee maintai....

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....d further that] where the assessee is a company (not being a company in which the public are substantially interested), and the sum so credited consists of share application money, share capital, share premium or any such amount by whatever name called, any explanation offered by such assessee-company shall be deemed to be not satisfactory, unless- (a) the person, being a resident in whose name....

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....only on 31st March i.e. last day of the assessment year, would be including of the said amount as part of the income of that year. Returning back the same on the next day would not result in the income of the previous year being reduced. If we allow such entries, one cannot lose sight that the assessees may make fictitious entries and return the same on the next day for taking tax benefits. There ....