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2018 (5) TMI 230 - ITAT AMRITSARUnexplained credits - addition u/s 68 - Held that:- The primary burden in this regard is on the assessee. However, we may clarify that where the assessee satisfies that money had been paid to a particular person in an earlier year, and it is he who has paid back the same, including as to the manner of transmission of funds, the initial onus on the assessee gets discharged. The credit/s under such circumstances is liable to regarded as reasonably explained unless the Revenue brings any adverse or contrary material on record. The matter, accordingly, to afford an opportunity to the assessee to state and present its case; we having delineated the scope of the onus as well as the parameters on which the essentially factual matter needs to be examined and determined, is restored back to the file of AO. As regards the balance sum (of ₹ 22.25 lacs), the assessee’s case is that the non-spelling out of the nature and source of the cash deposits in its’ bank account - as required u/s. 69A of the Act, is that the same is the cash (in hand) as per its cash book. Is it by way of cash withdrawals from the bank (either the same or another) itself - an unlikely situation as an assessee would not withdraw funds from the bank only to deposit it back; or sales - which are thus a revenue receipt; or cash receipt/s from other person/s, in which case it is this person/s who is the actual (real) source of funds – the ‘cash-in-hand’ being only an ostensible (illusory) source, etc. - addition is thus also set aside to the AO for fresh determination, by issuing definite findings of fact, and adjudication in accordance with the law. - Decided in favour of assessee for statistical purposes.
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