held- The appellant assessee despite being given sufficient opportunity, failed to prove the correctness and genuineness of his claim. Resultantly the said transactions were assumed as bogus entries (Para 15)
Once sources of income were disclosed on affidavit and recorded statements of persons concerned in penalty proceedings, held, it could no longer be said that the amounts in question were income from undisclosed sources.
(2021) 7 SCC 136 [Basir Ahmed Sisodiya v. CIT]