Section 68 addition-Separate maintenance of books by assessee and his proprietorship concern

PCIT Vs Ajay Jaysukhlal Mehta (Gujarat High Court) In a situation in which assessee and it’s proprietorship concern are maintaining separate books of accounts – as in the present case, an assessee may have his own capital of ‘x’ amount, and yet his capital contribution in capital account of a proprietorship concern can be more than ‘x’ amount because such funding of capital can be not only out of own capital but out of other available funds as well. Therefore, the addition made on account of unexplained credit under Section 68 due to difference in capital account of assessee and hi...