https://www.taxtmi.com/article/detailed?id=1303 Section 68 allows taxation of sums credited in an assessee's books when the assessee fails to satisfactorily explain their nature and source. Additions under section 68 require the existence of the assessee's books of account (including electronic records); bank passbooks are not treated as such. The assessing officer must make proper enquiries, and the prima facie onus lies on the assessee to prove creditor identity, creditor capacity, and genuineness of the transaction, after which the burden may shift to the revenue. en-us Fri, 27 May 2011 07:46:11 +0530 Fri, 27 May 2011 07:47:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1303 Section 68 allows taxation of sums credited in an assessee's books when the assessee fails to satisfactorily explain their nature and source. Additions under section 68 require the existence of the assessee's books of account (including electronic records); bank passbooks are not treated as such. The assessing officer must make proper enquiries, and the prima facie onus lies on the assessee to prove creditor identity, creditor capacity, and genuineness of the transaction, after which the burden may shift to the revenue. Articles Income Tax Fri, 27 May 2011 07:46:11 +0530 https://www.taxtmi.com/article/detailed?id=1303