1983 (8) TMI 2 - SC - Income Tax

Cash Credits - When material was placed before the ITO he desired the assessee to call the two ladies for examination but they were not produced by the assessee for giving evidence before the ITO - Tribunal & High Court were right in concluding that in the absence of any satisfactory proof in that behalf the taxing authorities were perfectly justified in holding that these amounts represented the assessee s own income from undisclosed sources

Summary

The Supreme Court judgment in 1983 upheld the decision that cash credit entries in the assessee's books were not proven genuine, leading to the conclusion that the amounts represented undisclosed income. The appeal was dismissed with costs. (Case citation: 1983 (8) TMI 2 - Supreme Court)