2003 (7) TMI 43 - MADHYA PRADESH HIGH COURT

Addition u/s 68 - If the liability shown in the said account, which, is found to be bogus and in the absence of any plausible and reasonable explanation offered by the assessee, then, certainly, the amount can be added towards the income of assessee and brought to tax in the hands of the assessee – Assessee’s contention that section 68 of the Act can be invoked only, when, the books of account of the assessee show the cash entry and not otherwise, cannot be accepted