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Cash Credit Sec. 68

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Querist : Anonymous

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Querist : Anonymous (Querist)
28 March 2010 Respected CIC Member

With respect to above subject i want to know example of Cash Credit ?

In the Act in (Sec.68 Cash Credit), it is specified that where any sum is found credited in the books of account of assessee and assessee offers no explanations about such then it shall be inculded in income.

(1) What is Cash Credit i.e. any income in cash or otherwise?

(2) credited in books of account whether income or capital credit?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
28 March 2010 The language of section 68 shows that it is general in nature and applies to all credit entries in whomsoever name they may stand, that is, whether in the name of the assessee or a third party.
Citation :- Gumani Ram Siri Ram v. CIT [1975] 98 ITR 337 (P&H).
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