Asset Side of Balance Sheet cannot be isolated from Liability side

Advertisement CA Prarthana Jalan Facts of the case –  The assessee is  engaged in agricultural and allied activity. This company is one of the group companies constituted by Shri B.Ramalinga Raju and his family members. During the course of scrutiny proceedings, the Assessing Officer called for the books of account of the assessee, wherein it was found that there were certain additions to the fixed assets during the previous year relevant to the assessment year under consideration. The assessee was called upon to explain the source of such investments. In the opinion of the Assessin...