2016 (1) TMI 1446 - HC - Income Tax

Unexplained cash credit - Assessment year - HELD THAT - The view taken by the Appellate Authority and the Tribunal is in consonance with the settled legal position that credits introduced in Assessment Year 2008-09 cannot be taxed in subsequent Assessment Year. Counsel for the respondent has also relied on the decision in the case of CIT vs. Lakshman Swaroop Gupta Bros. 1972 (11) TMI 20 - RAJASTHAN HIGH COURT . This being the settled legal position we reject this appeal which raises that issue as substantial question of law.

Summary

The High Court of Madhya Pradesh upheld the decision that credits introduced in Assessment Year 2008-09 cannot be taxed in subsequent years. The appeal was rejected based on this settled legal position.