Cash credits can be taxed only in the year of credit

Shri Ivan Singh Vs ACIT (Bombay at Goa High Court) Section 68 – Bogus Cash Credit – The expression ‘any previous year’ to mean as not referring to all the previous years, but, the previous year in relation to the assessment year concerned. The expression “any previous year” to mean as not referring to all the previous years, but, the previous year in relation to the assessment year concerned.  If the cash credits are credited in the FY 2006-07, it cannot be brought to tax in a later AY. FULL TEXT OF THE HIGH COURT ORDER / JUDGEMENT Heard Dr. Daniel with Ms. Y. Mand...