| COURT: | Bombay High Court (Goa Bench) |
| CORAM: | M. S. Jawalkar J, M. S. Sonak J |
| SECTION(S): | 68 |
| GENRE: | Domestic Tax |
| CATCH WORDS: | Section 68 cash credit |
| COUNSEL: | Dr. P. Daniel |
| DATE: | February 14, 2020 (Date of pronouncement) |
| DATE: | February 24, 2020 (Date of publication) |
| AY: | 2008-09 |
| FILE: | Click here to view full post with file download link |
| CITATION: | |
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S. 68 Bogus Cash Credits: The expression “any previous year” does not mean all previous years but the previous year in relation to the assessment year concerned. If the cash credits are credited in the FY 2006-07, it cannot be brought to tax in a later AY. |
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The crucial phrase in Section 68 of the IT Act, which provides that the sum so credited in the books and which is not sufficiently explained, may be charged to the income tax as income of the assessee of “that previous year” also lends support to the contentions of Dr. Daniel
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