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2013 (8) TMI 196 - HC - Income TaxUnexplained credits - additions u/s 68 - onus to prove - Held that:- the assessee, by merely furnishing a list, did not discharge her burden. Acceding to the contention of the learned counsel would amount to laying down a rule that it is for the Revenue to find out whether the assessee has or may have an explanation to offer. When an explanation is called for from the assessee, he or she must take care to substantiate her explanation by such supporting evidence as may be in his or her power to produce. Who are the buyers; how or in what circumstances did they advance the sum of Rs. 4,74,681/- and who are the sellers ? How and in what circumstances did the sum of Rs. 42,78,717/- become payable to them was in the special knowledge of the assessee. It was, therefore, her obligation to disclose cogent evidence in that regard. She claims to be a commission agent. The column 5 of GTI-1 provides for deduction of commission. Therefore it should not have been difficult for the assessee to disclose the relevant evidence about the transactions allegedly made by the assessee on behalf of suppliers of fish or the trawler owners. Her failure to do so even prima facie amounts to no explanation at all. Following decision of Hindusthan Tea Trading Co. Ltd. v. Commissioner of Income-Tax [2003 (3) TMI 53 - CALCUTTA High Court], Collector of Customs v. D. Bhoormal [1974 (4) TMI 33 - SUPREME COURT OF INDIA] and CIT. v. Mohanakala [2007 (5) TMI 192 - SUPREME Court] - Decided in favour of Revenue.
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