Explanation requirement for credited loans: recorded creditor must also explain source and AO must find it satisfactory. Where a sum credited consists of a loan, borrowing or analogous amount, an assessee's explanation is not satisfactory unless the person in whose name the credit is recorded also explains the nature and source of the sum and the Assessing Officer has, in his opinion, found that explanation satisfactory; textual substitutions further adjust proviso cross references.
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Provisions expressly mentioned in the judgment/order text.
Explanation requirement for credited loans: recorded creditor must also explain source and AO must find it satisfactory.
Where a sum credited consists of a loan, borrowing or analogous amount, an assessee's explanation is not satisfactory unless the person in whose name the credit is recorded also explains the nature and source of the sum and the Assessing Officer has, in his opinion, found that explanation satisfactory; textual substitutions further adjust proviso cross references.
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