https://www.taxtmi.com/caselaws?id=6767 An assessee claiming that a cash credit standing in a third party's name is not its income must prove the genuineness of the credit with credible and reliable evidence; a bare explanation, however possible in the abstract, is insufficient. The Calcutta HC noted that the explanation was unsupported by evidence of the alleged transactions, lacked receipts and corroborative accounts, and was inconsistent on the issue of cheque encashment. The burden of explanation remained on the assessee, and the failure to discharge it justified treating the amount as undisclosed income of the assessee. en-us Thu, 18 Mar 1965 00:00:00 +0530 Mon, 02 Feb 2009 09:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6767 An assessee claiming that a cash credit standing in a third party's name is not its income must prove the genuineness of the credit with credible and reliable evidence; a bare explanation, however possible in the abstract, is insufficient. The Calcutta HC noted that the explanation was unsupported by evidence of the alleged transactions, lacked receipts and corroborative accounts, and was inconsistent on the issue of cheque encashment. The burden of explanation remained on the assessee, and the failure to discharge it justified treating the amount as undisclosed income of the assessee. Case-Laws Income Tax Thu, 18 Mar 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6767