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2010 (11) TMI 240 - HC - Income TaxUnexplained cash credit - Genuineness of the deposits - In case of cash credits, the onus of proving the source and genuineness is entirely on the assessee and mere filing of confirmations or affidavits without there being any corroborative evidence does not by itself prove the source and genuineness thereof - the assessee had been provided ample opportunities substantiate its claim with regard to depositors to be genuine, but the assessee had failed to discharge the onus placed upon it by establishing the identity of the creditors, their creditworthiness and genuineness of the deposits - The Tribunal had remanded the case with regard to four depositors whereas other depositors were held not to be genuine on the ground that the amount was stated to have been paid to the assessee by them out of saving from household expenses etc. without producing any evidence - Hence, the proposition of law laid down therein is well recognized, but in view of the findings, the judgments do not come to the rescue of the appellant - Thus, are answered against the assessee and finding no merit in the appeal, the same is dismissed.
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