2001 (11) TMI 7 - SC - Income Tax

Whether, the ITAT, having held that the assessee has received unaccounted receipts, was justified in law in holding that the Assessing Officer has to discharge the onus in respect of on-money by showing that the assessee has invested ₹ 1,58,59,400 out of such receipts whereas the claim of the assessee for extra expenditure was found to be incorrect - Held, yes

Summary

The Supreme Court allowed the civil appeal, set aside the order, and referred a question to the High Court for consideration. The question pertained to the justification of the Assessing Officer in discharging the onus of unaccounted receipts.