https://www.taxtmi.com/caselaws?id=355792 The High Court upheld the decision of the lower appellate fora, affirming the Assessing Officer's treatment of a sum as the assessee's income from undisclosed sources. Despite the assessee's claim that the amount was collected as share capital, the court found insufficient evidence provided, such as books of accounts and vouchers, to support this assertion. The court held that the burden of proof rested on the assessee, who failed to demonstrate that the sum was not chargeable to income tax. Consequently, the appeal was dismissed, ruling in favor of the tax authorities. en-us Wed, 20 Dec 2017 00:00:00 +0530 Thu, 15 Nov 2018 11:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=355792 The High Court upheld the decision of the lower appellate fora, affirming the Assessing Officer's treatment of a sum as the assessee's income from undisclosed sources. Despite the assessee's claim that the amount was collected as share capital, the court found insufficient evidence provided, such as books of accounts and vouchers, to support this assertion. The court held that the burden of proof rested on the assessee, who failed to demonstrate that the sum was not chargeable to income tax. Consequently, the appeal was dismissed, ruling in favor of the tax authorities. Case-Laws Income Tax Wed, 20 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=355792