https://www.taxtmi.com/caselaws?id=60775 In block assessment, share-capital credits received from identifiable corporate entities assessed to tax cannot be treated as unexplained cash credits merely because investigation traces the funds further, unless the Revenue establishes that the credited money belonged to the assessee. The assessee need not prove the source of the source after establishing the identity of the immediate contributors. Adverse material must be confronted to the assessee before being relied on, consistent with fair-hearing requirements. Separate expenditure evidenced by a document found during search may be treated as incurred where a denial is not accepted on the facts, even if the expenditure is not allowable for business purposes. en-us Thu, 30 Apr 1998 00:00:00 +0530 Sat, 08 Jan 2011 10:12:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60775 In block assessment, share-capital credits received from identifiable corporate entities assessed to tax cannot be treated as unexplained cash credits merely because investigation traces the funds further, unless the Revenue establishes that the credited money belonged to the assessee. The assessee need not prove the source of the source after establishing the identity of the immediate contributors. Adverse material must be confronted to the assessee before being relied on, consistent with fair-hearing requirements. Separate expenditure evidenced by a document found during search may be treated as incurred where a denial is not accepted on the facts, even if the expenditure is not allowable for business purposes. Case-Laws Income Tax Thu, 30 Apr 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60775