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Section 68 Applicable Only to Credits in Books in Relevant Year: Pune ITAT
Case Law Details
- Case Name
- Mahendra Mohiniraj Gandhe Vs ACIT (ITAT Pune)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
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Mahendra Mohiniraj Gandhe Vs ACIT (ITAT Pune)
Section 68 can be invoked only when sum is credited in the books in the relevant previous year- Pune ITAT
An amount of Rs.10 Lakhs was found to be the opening balance of assessee during Financial year 2015-16. During scrutiny assessment, it was found that the said amount was credited in the books during the Financial year 2011-12 in respect of loan. This was added to income of assessee in Financial year 2015-16 on grounds that it was treated as unexplained cash credit u/s 68. Ledger Account was reproduced by the AO in the assessment order which sho...
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