https://www.taxtmi.com/caselaws?id=375504 Section 68 applies only where a credit is found in the assessee's books of account, and bank statements or other raw data cannot by themselves substitute for such books. On the facts discussed, share sale proceeds and related commission expenditure were therefore outside the deeming scope of section 68, making the invocation jurisdictionally defective and uncured by section 292B. The text also states that additions based on third-party statements require disclosure of the underlying material and an effective opportunity for cross-examination; denial of both was treated as a breach of natural justice going to the root of the matter, so the additions were deleted. en-us Mon, 11 Feb 2019 00:00:00 +0530 Wed, 20 Feb 2019 06:37:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375504 Section 68 applies only where a credit is found in the assessee's books of account, and bank statements or other raw data cannot by themselves substitute for such books. On the facts discussed, share sale proceeds and related commission expenditure were therefore outside the deeming scope of section 68, making the invocation jurisdictionally defective and uncured by section 292B. The text also states that additions based on third-party statements require disclosure of the underlying material and an effective opportunity for cross-examination; denial of both was treated as a breach of natural justice going to the root of the matter, so the additions were deleted. Case-Laws Income Tax Mon, 11 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375504