Section 68 addition can be made only in the Assessment year of receipt 

Shaktigarh Textile and Industries Ltd. Vs DCIT (ITAT Kolkata)

Introduction: Shaktigarh Textile and Industries Ltd. found itself in a legal battle with the Deputy Commissioner of Income Tax (DCIT) in Kolkata, with a pivotal focus on Section 68 of the Income Tax Act. In this article, we delve into the case, the issues at hand, and the Tribunal’s decision.

Background: Shaktigarh Textile and Industries Ltd. contested an order from the Commissioner of Income Tax (Appeals), National F

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