The High Court of Chhattisgarh, in a significant income tax appeal, has ruled that an assessee cannot discharge the heavy burden of proof under Section 68 of the Income Tax Act, 1961, merely by producing superficial documents like incorporation certificates, PAN details, or income tax returns of an investor company. The court set aside an
Unexplained Investments Can Be Treated as Assessee’s Income; No Need for Revenue to Prove Specific Source: Chhattisgarh High Court
