Income Tax Act, 1961
Section 68- CASH CREDITS.
Where any sum is found credited in the books of an assessee maintained for any previous year, and assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the sum so credited may be charged to income-tax as the income of the assessee of that previous year.
Related Judgements
OCEANIC PRODUCTS EXPORTING CO. v. COMMISSIONER OF INCOME-TAX.
RANCHI HANDLOOM EMPORIUM v. COMMISSIONER OF INCOME TAX & ANR.
