TMI Blog2010 (12) TMI 732X X X X Extracts X X X X X X X X Extracts X X X X ..... m of Rs.40,000/- was saved out of house-hold expenses is bereft of substance - The creditor does not have any source of income and therefore, accumulation of Rs.40,000/- cash, advanced to the assessee, routed through bank account is not satisfactorily explained - Mere payment by cheque is not enough to discharge the onus - Therefore, confirm the addition of Rs.40,000/- Decided against of assessee. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Rs.59,110/-. The case of the assessee was taken up for scrutiny and the Assessing Officer found the credits in the names of Ram Kumar and Risal of Rs.40,000/- and Rs.86,012/- respectively to be genuine whereas credit of Rs.40,000/- in the name of Smt. Sarla Devi was held to be unexplained. Accordingly, vide order dated 31.1.2000 the Assessing Officer made various additions and completed the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... regard to the addition of Rs.40,000/- under Section 68 of the Act which has been sustained by all the three authorities below. 5. The Tribunal while upholding the aforesaid addition had held as under:- We have given our careful consideration to the rival contentions. It is well settled principle of law that the onus to establish the genuineness of the credit in the books of accounts is up ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) to support the finding that where the creditor did not maintain any personal books of accounts, the Assessing Officer is entitled to enquire and satisfy himself about the sources of money in the hands of the creditor. In this case, though the creditor had admitted to have advanced the money to the assessee, the source of money deposited in the bank account out of which the money was advanced to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arrived at the conclusion that the cash credit of Rs.40,000/- in the name of Smt. Sarla Devi was unexplained income of the assessee under Section 68 of the Act as the explanation furnished by the assessee was not satisfactory. Learned counsel for the appellant made valiant efforts to demonstrate that the finding recorded was perverse but only effort was to reappreciate the evidence and conclude o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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