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TMI Blog2013 (12) TMI 834X X X X Extracts X X X X X X X X Extracts X X X X ..... d before him meets the requirements as to the identity, creditworthiness and the genuineness of the transactions within the para meters of Section 68 of the Income Tax Act, 1961? (2) Whether on the facts and in the circumstances of the case, the Tribunal is right in holding that the details of the bank accounts and the details of the cheques through which the assessee received payments and the statements from bank accounts is a sufficient proof to discharge the initial burden cast upon the assessee as to the explanation of identity, creditworthiness and genuineness of the transactions taking the Know Your Customer norms in place with the banks opening and maintaining the accounts of the customers? (3) Whether on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e/appellant has been able to discharge the initial burden as required under Section 68 of the Income Tax Act, 1961 (for short "the Act"). Adequate materials were produced to establish that the transaction is a genuine one. We have gone through the judgment and order of the learned Tribunal. The issue is whether the requirement under Section 68 of the Act has been ascertained by the Assessing Officer at the time of assessment. We set out Section 68 of the Act, which reads as follows: "Where any sum is found credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the Assessing Off ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as to the source of income and such explanation is satisfactory up to the expectation of the Assessing Officer, the assessee cannot be said to have discharged the initial burden. In this connection, we quote the fact-finding on this issue by the Assessing Officer, which is as follows: "In respect of the other creditors, no evidence has been produced by the assessee. Even in respect of the four credits mentioned above, where the copy of bank statement has been produced, it is not a conclusive proof as required as per the provisions of Section 68 as the assessee has only proved the genuineness of the transaction, but, however, failed to prove the identity and creditworthiness of the creditors. &nbs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... filing bank account details of the alleged creditors, it is not enough to hold that the assessee has satisfied the above ingredients of Section 68 of the Act." Learned Counsel for the appellant submits that when the assessment of the Assessing Officer and the Commissioner of Income Tax (Appeals) is genuine, the onus has been discharged and proved and no further proof is required as to the correctness. We are unable to accept this contention in view of the aforesaid requirement of Section 68 of the Act. Moreover, the learned Tribunal has also relied on the decision of this Court in the case of R B Mittal Vs. CIT (246 ITR 283). In view of the settled position of law laid down by this Court, we do not find any element of law involved for admi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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