TMI Blog2013 (10) TMI 13X X X X Extracts X X X X X X X X Extracts X X X X ..... herefrom these huge amounts have come is not clear - Materials produced before the revenue officials by the assessee were not sufficient to adjudge that the assessee has discharged his burden - When the material produced before the revenue officials are good enough to come to conclusion that there is no genuine transaction of lending and borrowing of money, no further or other material is required – Decided in favor of Revenue. - ITA. No.395 OF 2013 - - - Dated:- 5-9-2013 - SRI KALYAN JYOTI SENGUPTA AND SRI K.C. BHANU, JJ. Judgment: (Per the Hon ble the Chief Justice Sri Kalyan Jyoti Sengupta) We have heard Mr. A.V.A. Shiva Kartikeya, learned counsel for the appellant and have gone through the impugned judgment and order of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rden to prove that the transaction is a genuine one and the materials were sufficiently placed. He contends further that the burden shifts upon the Revenue to disprove the same and the Revenue did not make any attempt to do so. Under the circumstances, this appeal is required to be admitted as to whether the aforesaid finding can be upset by the Tribunal on the suggested question of law. In support of this contention, he has referred to two reported judgments, one of the Kolkata High Court in the case of Crystal Networks P. Ltd., vs. Commissioner of Income Tax [2013] 353 ITR 171] and another of the Delhi High Court in the case of Commissioner of Income Tax vs. Dwarkadhish Investment P. Ltd., Others [2011] 330 ITR 298] and two un-reported ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ain away the unexplained investments made by them in the purchase of the immovable property. As for the case law relied upon by the learned counsel for the assessee, it is pertinent to note that the ratio of a decision is applicable in respect of the facts decided in that case. The Tribunal has further recorded a finding, which is as follows: In the present case, there is serious doubt raised regarding the creditworthiness of the concerned creditors and the genuineness of the transactions. In the absence of satisfactory explanation from the assessee to fulfill the aforesaid two ingredients for proving the genuineness of a credit, the Assessing Officer was justified in making the addition under Section 68 of the Act. The CIT(A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Revenue to disprove it with cogent materials. The unreported decision of this Court in I.T.T.A. No. 123 of 2013, has accepted the same principle. Though, initially, the burden lies on the assessee, once he has proved the identity of the creditors by either furnishing their PAN number or income tax assessment number and shows the genuineness of the transaction by showing money in his books either by account payee cheque or by draft or by any other mode, then the onus of proof would shift to the Revenue. Further, in the reported judgment of the Kolkata High Court in the case of Crystal Networks P. Ltd., it has been held in the same line. According to us, once those materials have been produced, then the revenue officials have to examine ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... depends upon the fact finding of the genuineness of the transactions and this fact finding has been reached with required degree of accuracy by the Tribunal. This Court is not meant for recording further fact finding as it is not a case of perversity. Hence, we do not find any reason to admit this appeal. The appeal is accordingly dismissed. In case of Smt. Basanti Devi Toshniwal, immediately prior to the issuance of the cheque to the assessee, she has deposited cash of Rs.6 lakhs into her back account except for this, there was no other cash deposit of such magnitude made into her bank account. The incomes disclosed in the returns filed for the assessment year 2007-08 by Smt. Basanti Devi Toshniwal and Ms. Vanitha Agarwal, were so meag ..... X X X X Extracts X X X X X X X X Extracts X X X X
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