https://www.taxtmi.com/caselaws?id=11414 HC upheld the addition under section 68, holding that where liabilities shown in the accounts are found to be bogus and the assessee offers no plausible or reasonable explanation, the amounts can be treated as income and taxed accordingly. The court rejected the assessee's contention that section 68 applies only when the books show a cash entry, confirming that unexplained or sham liabilities may be added to income even in the absence of a specific cash entry. en-us Mon, 21 Jul 2003 00:00:00 +0530 Fri, 26 Sep 2025 17:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11414 HC upheld the addition under section 68, holding that where liabilities shown in the accounts are found to be bogus and the assessee offers no plausible or reasonable explanation, the amounts can be treated as income and taxed accordingly. The court rejected the assessee's contention that section 68 applies only when the books show a cash entry, confirming that unexplained or sham liabilities may be added to income even in the absence of a specific cash entry. Case-Laws Income Tax Mon, 21 Jul 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11414