Forgot password
New User/ Regiser
⇒ Register to get Live Demo
2003 (7) TMI 43 - HC - Income Tax
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