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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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