https://www.taxtmi.com/caselaws?id=20510 HC held that section 68 authorizes the Income-tax Officer to inquire into the nature and source of any sums credited in a company's books, regardless of the assessee's labels, and to treat unexplained or unsatisfactorily explained credits as taxable income in the year of entry. The court doubted prior observations suggesting an officer could not probe the existence of alleged shareholders, clarifying that genuine identification and investment by shareholders yields a capital receipt, but where no satisfactory explanation is offered s.68 may be invoked. The court did not decide on allocation of onus in specific cases. en-us Fri, 27 Aug 1993 00:00:00 +0530 Fri, 17 Oct 2025 16:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20510 HC held that section 68 authorizes the Income-tax Officer to inquire into the nature and source of any sums credited in a company's books, regardless of the assessee's labels, and to treat unexplained or unsatisfactorily explained credits as taxable income in the year of entry. The court doubted prior observations suggesting an officer could not probe the existence of alleged shareholders, clarifying that genuine identification and investment by shareholders yields a capital receipt, but where no satisfactory explanation is offered s.68 may be invoked. The court did not decide on allocation of onus in specific cases. Case-Laws Income Tax Fri, 27 Aug 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20510