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2019 (5) TMI 31 - DELHI HIGH COURTAddition u/s 68 - unsecured cash credit - assessee urges that the amounts added u/s 68 and brought to tax reflected advances given by 40 agriculturists towards a proposed housing scheme who upon notices issued u/s 133(6) had responded giving the relevant particulars which included copies of their voter identity cards and affidavits - HELD THAT:- This Court is of the opinion that the findings of AO as well as the lower appellate authorities are concurrent, as such the Court circumspects in holding against these findings. That apart, the Court notices that the ruling of the Supreme Court in Commissioner of Income Tax vs. Lovely Exports Private Limited [2008 (1) TMI 575 - SUPREME COURT OF INDIA] affirms the position that with respect to the credits, especially cash deposits etc., the initial burden lies upon the assessee to establish by way of the three prong test, that the advances or credits claimed are genuine, first the identity of the creditor; second, the genuineness of the transactions, and third, creditworthiness of the creditor. The Court is satisfied that while the first element i.e. the identity of the creditors was proved by some material, the other two elements were not established at all. In this regard, the assessee’s contentions that the agriculturists were not asked to produce any material to supplement their statement is inconsequential. The law in this regard is and always has been that the onus of the initial burden lies upon the assessee, who has to make the necessary efforts to produce the material - no substantial question of law arises.
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