https://www.taxtmi.com/caselaws?id=471705 Section 68 of the Income-tax Act applies to an unexplained bogus liability recorded in the books, even where the credit does not represent a cash receipt. A purchase from a related concern was found non-genuine from supporting records and bank-account examination, leaving the corresponding liability as an unsubstantiated paper entry. As no plausible explanation established the liability's genuineness, the amount credited as the bogus purchase liability was liable to be added to income under Section 68. en-us Mon, 21 Jul 2003 00:00:00 +0530 Tue, 15 Sep 2026 14:49:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471705 Section 68 of the Income-tax Act applies to an unexplained bogus liability recorded in the books, even where the credit does not represent a cash receipt. A purchase from a related concern was found non-genuine from supporting records and bank-account examination, leaving the corresponding liability as an unsubstantiated paper entry. As no plausible explanation established the liability's genuineness, the amount credited as the bogus purchase liability was liable to be added to income under Section 68. Case-Laws Income Tax Mon, 21 Jul 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471705