No section 68 Addition for URD Purchase supported with Strong Evidences

Baser Ahmed Sisodia Vs ITO (Supreme Court) The issue under consideration is whether claim to purchase of goods by the assessee could be dealt with u/s 68 of the Income Tax as a cash credit, by placing burden upon the assessee to explain that the purchase price does not represent his income from the disclosed sources? Supreme Court states that, earlier it must be observed that the appellant/assessee despite being given sufficient opportunity, failed to prove the correctness and genuineness of his claim in respect of purchases of marbles from unregistered dealers. However, it has now come on rec...