https://www.taxtmi.com/caselaws?id=165970 Cash credits recorded in an assessee's books require an explanation of their nature and source, and where the entries stand in a third party's name the assessee must at least establish the third party's identity and place material showing that the account is real. Once that initial burden is discharged, the burden shifts to the revenue to produce cogent material showing that the credits still belong to the assessee. On the stated facts, the account was treated in connected proceedings as belonging to another business house, the balance had been transferred before assessment, and minor date discrepancies were insufficient to reject the explanation. The credits were therefore treated as not assessable as undisclosed income of the assessee. en-us Wed, 29 Aug 1962 00:00:00 +0530 Thu, 21 Aug 2014 16:29:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=165970 Cash credits recorded in an assessee's books require an explanation of their nature and source, and where the entries stand in a third party's name the assessee must at least establish the third party's identity and place material showing that the account is real. Once that initial burden is discharged, the burden shifts to the revenue to produce cogent material showing that the credits still belong to the assessee. On the stated facts, the account was treated in connected proceedings as belonging to another business house, the balance had been transferred before assessment, and minor date discrepancies were insufficient to reject the explanation. The credits were therefore treated as not assessable as undisclosed income of the assessee. Case-Laws Income Tax Wed, 29 Aug 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=165970