https://www.taxtmi.com/caselaws?id=175254 Whether cash credits could be added under s.68 where the assessee proved the existence of the depositors and they admitted the deposits. The HC held that mere rejection by the Revenue of the depositors' explanation regarding their own sources does not establish a nexus that the monies belonged to the assessee; once identity/existence and acknowledgment of the deposits are proved, the assessee is not required to establish the "source of source." On discharge of this initial onus, the s.68 presumption stands rebutted and the burden shifts to the Revenue to trace the deposits to the assessee before treating them as undisclosed income. The additions were deleted and the appeal was allowed. en-us Thu, 25 Jan 2007 00:00:00 +0530 Wed, 31 Dec 2025 17:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=175254 Whether cash credits could be added under s.68 where the assessee proved the existence of the depositors and they admitted the deposits. The HC held that mere rejection by the Revenue of the depositors' explanation regarding their own sources does not establish a nexus that the monies belonged to the assessee; once identity/existence and acknowledgment of the deposits are proved, the assessee is not required to establish the "source of source." On discharge of this initial onus, the s.68 presumption stands rebutted and the burden shifts to the Revenue to trace the deposits to the assessee before treating them as undisclosed income. The additions were deleted and the appeal was allowed. Case-Laws Income Tax Thu, 25 Jan 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=175254