Section 68 Addition Upheld as Credit Entry Year Determines Taxability not year of Receipt in Bank

Advertisement Kuber Finance (I) Ltd. Vs ACIT (ITAT Delhi) Section 68 – Cash Credits – Year of taxation is determined by date of credit in books, not actual receipt in bank account: ITAT Delhi The assessee had received the amount on 31.03.1996, and it was reflected in the bank accounts of both the assessee and the lenders, but the entry was credited in the assessee’s books of accounts only on 01.04.1996. The core issue in this case was the addition of unexplained cash credits under Section 68 of the Income Tax Act, 1961. The assessee argued that the funds had been received in the earli...