9911796707
TMI Blog2011 (5) TMI 229X X X X Extracts X X X X X X X X Extracts X X X X ..... 1 by the Assessing Officer which was upheld by the C.I.T. (Appeals), Ranchi and ultimately by the Tribunal in impugned order. 3. Following substantial question of law was framed : "Whether a sum of Rs. 1,33,000 standing credited in the name of Sri Banwarilal Khetan in the regular books of account of the appellant can be added in the total income of the appellant as unexplained cash credit under section 68 of the Income-tax, 1961 ? 4. According to the learned counsel for the appellant, all the authorities and the Tribunal committed grave error in holding that the amount in dispute is the cash credit whereas in fact said amount was the trade credit and therefore, section 68 of the Income-tax Act, 1961 could not have been invoked. It is als ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... question of fact that whether the amount in question was the cash credit or the trade credit and once it is found by the three authorities that it was cash credit then this question is not a question of law as sought to be projected by the appellant. 6. We have considered the submissions of the learned counsel for the parties as well as considered the two judgments relied upon by the learned counsel for the appellant. 7. The first case relied upon by the learned counsel for the appellant is delivered in the case of Sarogi Credit Corpn. v. CIT [1976] 103 ITR 344 (Patna) wherein, according to the learned counsel for the appellant, in identical facts and circumstances where there was cash credit in the books of account of the assessee, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... further. The Revenue did not examine the source of income of the said alleged creditors to find out whether they were credit worthy or were such who could advance the alleged loans. There was no effort made to pursue the so called alleged creditors. In those circumstances, the assessee could not do any further. Hon'ble Supreme Court observed that if the Tribunal in that situation came to the conclusion that the assessee had discharged the burden that lay on him then it could not be said that such a conslusion was unreasonable or perverse or based on no evidence. Therefore, according to the learned counsel for the appellant, the appellant did discharge his burden and also rebutted the allegation of the Revenue. 8. However, we are of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as from agriculture. But when he was asked that what kind of Dalali he was doing, he said that he did not know. When further asked for whom he was doing Dalali business, his answer was negative. When further asked how much he was earning from Dalali then he stated that sometimes it was Rs. 50, sometimes Rs. 100 and sometimes nothing. Besides that he earns Rs. 300 to 400 per month from tuition but that was also for 2 - 3 months only. Regarding the interest income, he said that he was earning from Rs. 50 to Rs. 100 and not more than that. He also did not know from whom he was earning interest income. It will be worthwhile to mention herein that when he was specifically asked how much money he had advanced and from where he arranged the same ..... X X X X Extracts X X X X X X X X Extracts X X X X
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