Initial burden on assessee to show that transactions in loose sheet were not in the nature of undisclosed investments

DCIT Vs Geneva Industries Ltd. (ITAT Bangalore) The assessing officer found certain incriminating material suggesting payments outside books of account. The assessee was confronted with this information, the Managing Director of the assessee-company denied having made any undisclosed Investments but the assessing officer had drawn adverse inference from the conduct of the assessee and held that it is unexplained investment. On appeal before the learned Commissioner (Appeals) this came to be deleted by holding that the assessing officer was not justified in bringing to tax based on the loose sc...