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TMI Blog1976 (2) TMI 57X X X X Extracts X X X X X X X X Extracts X X X X ..... and there are two main points in the appeal. The first question to be considered is whether three cash credits appearing in the books of the assessee in the names of Shri Pratap Singh, Shri Rishi Pal Singh and Shri Suresh Chand are genuine loans or not. I shall consider these items seriatium. 2. The cash credit in the name of Pratap Singh was Rs. 6,000 on12th April, 1971. This was received by wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bt is a suspicious feature but the explanation of the assessee is that since Pratap Singh was an agriculturist with very extensive agricultural land and was also employed he had substantial savings with him and that these savings remained in cash with him. He only deposited a particular amount out of that in order to issue a cheque in favour of the assessee. No doubt this particular item is some w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h share in 170 bighas belonging to his father and 10 bighas of agricultural land in his own name. Here again the assessee has discharged his onus of proving that the creditor has adequate financial resources for making the deposit in question. The depositor has also come forward and admitted the loan to the assessee. I, therefore, think that the assessee's explanation for this cash credit should a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be accepted. The addition of Rs. 4,000 also stands deleted. 5. The final contention in this appeal is in regard to an addition made by the ITO for low yield of groundnut. The yield shown by the assessee was 66.32 per cent. But the ITO though that minimum yield should be 68 per cent. He, therefore, made an addition of Rs. 2,000 which the AAC sioner confirmed. 6. On behalf of the assessee it is su ..... X X X X Extracts X X X X X X X X Extracts X X X X
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