https://www.taxtmi.com/caselaws?id=10441 The High Court of Allahabad ruled in a case concerning the interpretation of section 68 of the Income-tax Act, 1961. The Court held that separate additions are necessary for unexplained cash credits in different accounts, rejecting the argument that only the peak credit should be added. The burden of proof lies with the assessee to establish the source of each deposit, and withdrawals from one account cannot cover deposits in another. The Court sided with the Revenue, dismissing the applicant's plea and awarding no costs in the matter. en-us Wed, 19 Jan 2005 00:00:00 +0530 Wed, 15 Jul 2009 18:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10441 The High Court of Allahabad ruled in a case concerning the interpretation of section 68 of the Income-tax Act, 1961. The Court held that separate additions are necessary for unexplained cash credits in different accounts, rejecting the argument that only the peak credit should be added. The burden of proof lies with the assessee to establish the source of each deposit, and withdrawals from one account cannot cover deposits in another. The Court sided with the Revenue, dismissing the applicant's plea and awarding no costs in the matter. Case-Laws Income Tax Wed, 19 Jan 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10441