Section 68 additions can be made in the year in which cash credit was received

Vijay Suresh Dave Vs DCIT (ITAT Mumbai) In the case of Vijay Suresh Dave Vs DCIT, the dispute arose from an addition to the assessee’s income under section 68 of the Income Tax Act, 1961, pertaining to unexplained loans. The appellant, Vijay Suresh Dave, challenged the order of the Commissioner of Income Tax (Appeals) [CIT(A)] dated 19/06/2023 for the assessment year 2012-13. The appellant raised several grounds of appeal, contesting the addition of Rs. 79,44,162/- as the closing balance of an old loan and additions to an old loan received during the year. The Assessing Officer (AO) had ...