Muslim man moves Bombay High Court for Hindu partner's release from shelter home

The Income Tax Appellate Tribunal (ITAT) clarified that Section 68 of the Income Tax Act applies when a credit is received in the relevant financial year and not for earlier years. Section 68 deals with unexplained cash credits, and the Tribunal ruled that if the credit is received during the current year, it must be scrutinized under the provisions of Section 68, even if the income was related to previous years. The case involved the taxpayer’s attempt to explain a credit received in a specific year as originating from earlier periods. ITAT ruled that Section 68 only applies to the year in which the credit is received, emphasizing that taxpayers must properly account for such credits in the year they are recorded.