https://www.taxtmi.com/caselaws?id=347547 An addition as unexplained income under section 68 was deleted where ledger entries, bank statements and a bank certificate traced the funds through the company, its directors and the assessee. The record showed the movement of cash and its return when the transaction did not materialise, while the Department produced no material to rebut the transaction sequence or the identity and financial capacity of the originating company. Once identity, fund movement and genuineness were established, the assessee was not required to prove the source of source. The addition was held unsustainable. en-us Mon, 28 Aug 2017 00:00:00 +0530 Wed, 06 Sep 2017 17:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347547 An addition as unexplained income under section 68 was deleted where ledger entries, bank statements and a bank certificate traced the funds through the company, its directors and the assessee. The record showed the movement of cash and its return when the transaction did not materialise, while the Department produced no material to rebut the transaction sequence or the identity and financial capacity of the originating company. Once identity, fund movement and genuineness were established, the assessee was not required to prove the source of source. The addition was held unsustainable. Case-Laws Income Tax Mon, 28 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347547