Bombay High Court Allows Assessee's Appeal in Income Tax Case Regarding Addition of Old Sundry Credit Balances Under Section 68 and Adhoc Disallowance of Labour Charges. The Court held that Section 68 of the Income Tax Act, 1961 applies only to credits in the relevant previous year, and adhoc disallowance without material basis is unsustainable....
The appellant-assessee, Shri Ivan Singh, filed a Tax Appeal under Section 260A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal (ITAT) which had sustained additions a...
