| COURT: | ITAT Mumbai |
| CORAM: | Amit Shukla (JM), B. R. Baskaran (AM) |
| SECTION(S): | 68 |
| GENRE: | Domestic Tax |
| CATCH WORDS: | unexplained cash credit |
| COUNSEL: | A. K. Lal |
| DATE: | March 25, 2015 (Date of pronouncement) |
| DATE: | April 15, 2015 (Date of publication) |
| AY: | 2005-06 |
| FILE: | Click here to view full post with file download link |
| CITATION: | |
| S. 68: Only credits received during the year can be assessed as unexplained cash credits. Credits of earlier years, even if unexplained, cannot be assessed | |
Though the assessee could not furnish the confirmation of the loan and other evidences but such a loan could not have been added in the A.Y. 2005-06 as the same was taken in the earlier years and is being carried forward. In this year it is appearing balance of the current year. Thus, legally such an addition could not sustained in this year
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