Naga Hanuman - Cash credit
Facts
Cash credits aggregating ₹50 lakh - identity and creditworthiness challenged.
Issue
Section 68 (now Section 75) burden of proof.
Held
Assessee must prove identity, creditworthiness, and genuineness; failure on any one is fatal.
Ratio
Section 68 is a deeming provision triggered by failure of proof.
Use via API
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