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2014 (4) TMI 547 - AT - Income TaxDeletion made u/s 68 of the Act - Opportunity of being heard – Held that:- The onus of proving the source of money found to be received by an assessee is on the assessee itself - Where the nature and source of a receipt cannot be satisfactorily explained by the assessee, it is open to the revenue to hold that it is income of the assessee – The decision in Roshan Di Hatti vs CIT [1977 (3) TMI 3 - SUPREME Court] followed - So far as contention of the assessee that the transaction by cheque is itself a proof, the transaction by cheque itself may not be sacrosanct - the onus to prove the three ingredients i.e. identity, creditworthiness and genuineness of the transaction, is on the assessee – the matter is remitted back to the AO for fresh adjudication – Decided in favour of Revenue.
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