https://www.taxtmi.com/caselaws?id=377097 Section 68 applies only where a credit is found in the assessee's books of account; where no books were maintained, the provision could not be invoked to treat share-sale proceeds as unexplained cash credit. A bank statement or transaction data could not substitute for books, and sale consideration from share investments was not the kind of credit targeted by the deeming provision. The addition also failed because it relied on third-party material and statements not supplied to the assessee, while requested cross-examination was denied. That denial breached natural justice and could not be cured by section 292B. en-us Fri, 01 Mar 2019 00:00:00 +0530 Fri, 13 Dec 2019 14:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377097 Section 68 applies only where a credit is found in the assessee's books of account; where no books were maintained, the provision could not be invoked to treat share-sale proceeds as unexplained cash credit. A bank statement or transaction data could not substitute for books, and sale consideration from share investments was not the kind of credit targeted by the deeming provision. The addition also failed because it relied on third-party material and statements not supplied to the assessee, while requested cross-examination was denied. That denial breached natural justice and could not be cured by section 292B. Case-Laws Income Tax Fri, 01 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377097