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2010 (9) TMI 201 - HC - Income TaxGenuineness of the cash credits (under Section 68 of the Act) - five persons from whom the loans are allegedly raised, nowhere come into the picture - five persons have not come forward to say that they had deposited the money or advanced loans to the assessee - Held that: - no evidence worthy enough on the basis of which the assessee could claim that it has satisfactorily proved the source of the said entries or the nature of cash received - moneys shown as deposits/loans in five different names, in fact, belonged to the assessee and the assessee has not been able to discharge the onus that it belonged to some third party - answer in favour of the Revenue and against the assessee
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