Loans received in earlier Years – Addition u/s 68 Cannot be Made in Present Year

CA Isha Seth Brief Facts: 1. The respondent filed his income tax return for the Assessment Year 2009-2010. On scrutiny, the Assessing Officer added the following back to income of the assessee:- 76,58,226/- on account of unsecured loans raised by the assessee u/s 68 of the Income Tax Act, 1961 as the assessee could not prove the genuineness of the transactions and credit worthiness of the persons concerned. 32,82,000/- on account of sundry creditors as the assessee could not substantiate the aforementioned credits. 4,25,000/- on account of expenses incurred, on the ground that the assessee w...