https://www.taxtmi.com/caselaws?id=69804 Addition to the trading account under the proviso to section 145(1) was held unjustified because the sales-tax based turnover enhancement had already been deleted and the gross profit rate applied was excessive in light of past results and increased turnover; the trading addition was deleted. Cash credits of Rs. 11,000 were held not satisfactorily explained under section 68 because the assessee failed to establish the creditor's source of funds, capacity to advance the money, or supporting evidence of the alleged commission business; the addition was sustained. The stated principle is that acceptance of a cash credit requires proof of the creditor's identity, capacity, and the genuineness of the transaction. en-us Mon, 08 Jun 1981 00:00:00 +0530 Tue, 12 Apr 2011 11:50:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69804 Addition to the trading account under the proviso to section 145(1) was held unjustified because the sales-tax based turnover enhancement had already been deleted and the gross profit rate applied was excessive in light of past results and increased turnover; the trading addition was deleted. Cash credits of Rs. 11,000 were held not satisfactorily explained under section 68 because the assessee failed to establish the creditor's source of funds, capacity to advance the money, or supporting evidence of the alleged commission business; the addition was sustained. The stated principle is that acceptance of a cash credit requires proof of the creditor's identity, capacity, and the genuineness of the transaction. Case-Laws Income Tax Mon, 08 Jun 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69804