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2011 (9) TMI 289 - DELHI HIGH COURT
Unexplained cash credit - unknown depositors - held that:- The Tribunal has correctly appreciated the position in law which is that when an unexplained credit is found in the books of account of an assessee the initial onus is placed on the assessee. The assessee is required to discharge this initial onus. Once that onus is discharged, it is for the revenue to prove that the credit found in the books of accounts of the assessee is the undisclosed income of the assessee. In the circumstances obtaining in the present case, in our view, the assessee has discharged that initial onus. The assessee is not required thereafter to prove the genuineness of the transactions as between its creditors and that of the creditors’ source of income, i.e., the sub-creditors [See Nemi Chand Kothari vs CIT & Anr. (2003 (9) TMI 62 - GAUHATI High Court)]. - Decided against revenue.