Section 68 has No Application to amount received in earlier years

DCIT Vs Tirupati Udyog Ltd. (ITAT Delhi) It is the case of the assessee that Section 68 applies only to the credit/ receipts entered in the books during the Financial Year in question and its operation is not extended to other assessment years. This position is fortified by plethora of judicial precedents including CIT vs. P.K. Mohankala (2007) 291 ITR 278 (SC). It is an admitted factual position that the share capital/share premium in dispute has been received in the earlier years and no amount whatsoever has been credited in the books of account during the Financial Year 2008-09 in question....