Section 68 Bogus Cash Credits: Revenue can examine source of source

CIT Vs Sadiq Sheikh (Bombay High Court at Goa)

In the present matters, the assessees have failed to discharge the burden of establishing the creditworthiness of the creditors i.e. Siraj Sheikh and Vijay Kumar Rao. The assessees have miserably failed to establish the genuineness of the transaction between said Siraj Sheikh and Vijay Kumar Rao on one hand and the assessees on the other. In fact, there is no reference to any transaction between these apparent sources/creditors and the assessees. These apparent sources at one st

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