https://www.taxtmi.com/caselaws?id=177225 In a search assessment involving shortage of stock, the dominant issue was whether unexplained cash credits could be treated as already covered by undisclosed income reflected in trading additions. The HC held that while separate addition for cash credits may be impermissible if they are proved to emanate from the same undisclosed income of the relevant year, the burden lies on the assessee to establish such nexus; mere assertion is insufficient, and the assessee did not admit or evidence that the credits represented undisclosed income of the relevant or any prior year. Given that both trading and cash credit additions were based on search material, the HC sustained the principle of separate addition but reduced the quantum of cash credit addition. en-us Thu, 11 Jul 2002 00:00:00 +0530 Fri, 13 Mar 2026 10:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177225 In a search assessment involving shortage of stock, the dominant issue was whether unexplained cash credits could be treated as already covered by undisclosed income reflected in trading additions. The HC held that while separate addition for cash credits may be impermissible if they are proved to emanate from the same undisclosed income of the relevant year, the burden lies on the assessee to establish such nexus; mere assertion is insufficient, and the assessee did not admit or evidence that the credits represented undisclosed income of the relevant or any prior year. Given that both trading and cash credit additions were based on search material, the HC sustained the principle of separate addition but reduced the quantum of cash credit addition. Case-Laws Income Tax Thu, 11 Jul 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177225