Unexplained Income and Shifting Onus: Assessee Must Clarify if AO Finds Doubts u/s 68 Proceedings.

Unexplained Income and Shifting Onus: Assessee Must Clarify if AO Finds Doubts u/s 68 Proceedings. https://www.taxtmi.com/highlights?id=6314 Unexplained income u/s 68 - the concept of “shifting onus” does not mean that once certain facts are provided, the assesse’s duties are over. If on verification, or during proceedings, the AO cannot contact the share applicants, or that the information becomes unverifiable, or there are further doubts in the pursuit of such details, the onus shifts back to the assessee. - HC en-us Tue, 25 Dec 2012 21:50:25 +0530 Tue, 25 Dec 2012 21:50:25 +0530 TaxTMI RSS Generator Unexplained Income and Shifting Onus: Assessee Must Clarify if AO Finds Doubts u/s 68 Proceedings. https://www.taxtmi.com/highlights?id=6314 Unexplained income u/s 68 - the concept of “shifting onus” does not mean that once certain facts are provided, the assesse’s duties are over. If on verification, or during proceedings, the AO cannot contact the share applicants, or that the information becomes unverifiable, or there are further doubts in the pursuit of such details, the onus shifts back to the assessee. - HC Highlights Income Tax Tue, 25 Dec 2012 21:50:25 +0530 https://www.taxtmi.com/highlights?id=6314