9911796707
TMI Blog2012 (6) TMI 32X X X X Extracts X X X X X X X X Extracts X X X X ..... ious year" is very relevant. This indicates that the cash credits which has not been found satisfactorily explained can be added in the income of the assessee of that previous year in which those cash credits were recorded in the account books. The cash credits made in the earlier financial years could not be added in the income of the assessee. Also, in view of non-rejection of books of accounts ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with these creditors. 2. Whether the ITAT erred in law when it gave a finding that additions can be made only in respect of fresh credits completely ignoring the fact that the assessee had claimed payment in cash to these creditors ini subsequent years. 3. Whether under the facts and circumstances of the case Hon'ble ITAT, Agra was correct in deleting the addition of Rs.26,80,251/- on account ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... invoking Section 68 of the Income Tax Act on the ground that the assessee could not explain the cash credits in his account books. The matter was carried in appeal by the assessee. The appellate authority/CIT(A) found that those cash credits were related to the earlier previous year and have nothing to do with the relevant previous year. It was also found that the account books of the assessee wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lant. The Assessing Officer found following cash-credits in the account books of the assessee:- (1) Krishna Traders Rs.20,99,736.00 (ii) M/s Chaddha Traders Rs. 3,00,000.00 The Assessing Officer made the additions of 50% of the total sum of the above amounts. It has been found that these sums were not credited during the relevant previous year. They were the opening balance of the previous year ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ash credits were recorded in the account books. Coming to the facts of the present case, a bare perusal of the assessment year would show that the cash credits involved herein related to the earlier previous years i.e financial year 2001-2002 to 2005-2006. The cash credits made in the aforesaid financial years could not be added in the income of the assessee relating to the assessment year 2007-2 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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