TMI Blog1976 (10) TMI 32X X X X Extracts X X X X X X X X Extracts X X X X ..... e of Shri Narinder Kumar was not acceptable as he did not have sufficient means to advance that amount of money to the assessee. This amount was added to the income of the assessee. On appeal, the Appellate Assistant Commissioner agreed that Narinder Kumar did not have the capacity to own Rs. 10,000. But the Appellate Assistant Commissioner found that out of the cash credit of Rs. 10,000, Rs. 3,00 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f section 68 of the Income-tax Act, 1961, the argument is no longer sustainable. Section 68 provides that where any sum is found credited in the books of an assessee and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not satisfactory, the sum so credited may be charged to income-tax as income of the assessee. The application is, theref ..... X X X X Extracts X X X X X X X X Extracts X X X X
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