Section 68 Cash Credits Scrutiny: Search Material May Impact Income Determination; Revenue Authorities Already Initiated Proceedings.

Unexplained cash credit under section 68 - It might be quite possible that search material has a bearing on the income to be determined for the year under consideration but for that purpose the proceedings have already been initiated and the same will be taken care by the revenue authorities in the respective proceedings. Accordingly, we are not convinced with the argument of the learned DR. - AT .....

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