M/S. Techno Shares & Stocks Ltd vs Commissioner Of Income Tax-Iv

The Supreme Court ruled on the interpretation of Section 68 of the Income Tax Act, emphasizing that the burden of proof lies on the taxpayer to substantiate the source of cash credits in their accounts. The Court held that mere entries in the books of accounts are not sufficient to establish the genuineness of the transactions, and the taxpayer must provide credible evidence to support their claims. The appeals were dismissed, affirming the decisions of the lower authorities regarding the assessment of income tax.