https://www.taxtmi.com/caselaws?id=473174 Section 68 governs additions for unexplained cash credits. An addition cannot rest solely on an uncorroborated third-party statement recorded during a search where the alleged credit is not established in the assessee's books. Share application money was received and shares were allotted, while the audited financial statements did not record the alleged unsecured loan. The assessing officer conducted no further enquiries and did not provide an opportunity for cross-examination. en-us Mon, 28 Apr 2025 00:00:00 +0530 Fri, 06 Nov 2026 13:51:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=473174 Section 68 governs additions for unexplained cash credits. An addition cannot rest solely on an uncorroborated third-party statement recorded during a search where the alleged credit is not established in the assessee's books. Share application money was received and shares were allotted, while the audited financial statements did not record the alleged unsecured loan. The assessing officer conducted no further enquiries and did not provide an opportunity for cross-examination. Case-Laws Income Tax Mon, 28 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=473174