https://www.taxtmi.com/caselaws?id=12816 Under s.68 of the Income-tax Act, the HC held that the burden lies on the assessee to satisfactorily explain the nature and source of credits in its books; mere furnishing of particulars or receipt through account payee cheques is not conclusive. Since the AO found that the alleged depositors lacked financial capacity and some were unaware of the purported deposits, the assessee's explanation was rightly treated as unsatisfactory and the addition of the cash credits was upheld, with the substantial questions answered in favour of the Revenue and the AO's order restored. However, regarding a portion allegedly assessed in another entity's hands as bogus advances/commission, the matter was remitted to the AO to recompute if necessary and pass consequential orders. en-us Fri, 16 Nov 2001 00:00:00 +0530 Tue, 23 Dec 2025 11:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12816 Under s.68 of the Income-tax Act, the HC held that the burden lies on the assessee to satisfactorily explain the nature and source of credits in its books; mere furnishing of particulars or receipt through account payee cheques is not conclusive. Since the AO found that the alleged depositors lacked financial capacity and some were unaware of the purported deposits, the assessee's explanation was rightly treated as unsatisfactory and the addition of the cash credits was upheld, with the substantial questions answered in favour of the Revenue and the AO's order restored. However, regarding a portion allegedly assessed in another entity's hands as bogus advances/commission, the matter was remitted to the AO to recompute if necessary and pass consequential orders. Case-Laws Income Tax Fri, 16 Nov 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12816