Section 68 Applicable Only to Credits in Books in Relevant Year: Pune ITAT

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

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