COMMISSIONER OF INCOME-TAX, ORISSA vs ORISSA CORPORATION (P) LTD.

The Supreme Court held that under Section 68 of the Income Tax Act, 1961, the onus of proof regarding the source of cash credits lies with the assessee. The Court affirmed the Tribunal's finding that the assessee had sufficiently discharged this burden, as the Tribunal's conclusion was not unreasonable or perverse. The High Court's refusal to direct the Tribunal to state a case under Section 256(2) was upheld, as there was evidence supporting the Tribunal's findings, and no question of law arose from the case.