https://www.taxtmi.com/caselaws?id=286532 Loose papers seized from a sister concern could not support an addition for alleged unaccounted sales in the assessee's hands when the Assessing Officer's remand report accepted that the material belonged to the sister concern and the entries were already recorded in the regular books. The adjustment was therefore unsustainable against the assessee. On the cash credit issue, one party was shown to be a debtor of the assessee, taking it outside section 68, and the other credit was supported by bank statements and balance-sheet evidence showing available funds. Once the assessee discharged the initial burden, the onus shifted to the revenue, and the credits were treated as satisfactorily explained. en-us Fri, 29 Mar 2019 00:00:00 +0530 Tue, 03 Mar 2020 10:22:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286532 Loose papers seized from a sister concern could not support an addition for alleged unaccounted sales in the assessee's hands when the Assessing Officer's remand report accepted that the material belonged to the sister concern and the entries were already recorded in the regular books. The adjustment was therefore unsustainable against the assessee. On the cash credit issue, one party was shown to be a debtor of the assessee, taking it outside section 68, and the other credit was supported by bank statements and balance-sheet evidence showing available funds. Once the assessee discharged the initial burden, the onus shifted to the revenue, and the credits were treated as satisfactorily explained. Case-Laws Income Tax Fri, 29 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286532