Assessing Officer Can Invoke Section 147 for Unexplained Cash Credits; Assessee Must Clarify Fund Ownership in Bank Accounts.

Addition u/s 68 - unexplained cash credit - AO may invoke the provisions of section 147 against the person who where the owners of the bank accounts where the sum are diverted - If the account is found to be operated by the assessee, the assessee is also duty bound to state whether he is an accommodation entry provider or owner of the money. No doubt, onus lies on the assessee. If the assessee gives names of the beneficiary as mentioned in the bank account, the addition deserves to be made in the hands of the beneficiary.- Tri .....

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