Addition u/s 68 - Unexplained share application money - onus to ...

Case Laws     Income Tax

August 10, 2022

Addition u/s 68 - Unexplained share application money - onus to prove - Where the assessee shows that entries regarding cash credit in a third party’s account are genuine and the sums were in fact received from the third party as loans or deposits, he has discharged the onus. In that case it is for the third party to explain the source of the moneys, and they cannot be charged as the assessee’s income in the absence of any material to indicate that they belong to the assessee. - AT

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