TMI Blog2006 (10) TMI 97X X X X Extracts X X X X X X X X Extracts X X X X ..... delivered by RAJESH BINDAL, J. -1. The assessee has approached this Court by filing the present appeal raising the following substantial questions of law arising out of order dated 13.1.2006 passed by Income Tax Appellate Tribunal, Amritsar Bench, Amritsar (for short, 'the Tribunal') in I.T.A. No.468(ASR) 2001 for the assessment year 1998-99:- "(i) Whether the order of the income tax authorities treating the cash credits in question as the income of the assessee suffer from perversity and is arbitrary and is based upon mere assumptions and presumptions and surmises and conjectures and more so when the creditors themselves have been produced and their statements have been recorded and their affidavits have been adduced and they have c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 27.02.1998 18,000 8 Sukhwinder Singh 15.03.1998 11,500 9 Sukhdarshan Singh 23.2.1998 19,000 10 Balkaran Singh 02.04.1997 19,000 11 Pawan Kumar 27.03.1998 10,000 12 Madan Lal 19.03.1998 10,000 13 Nachhatar Singh 01.04.1997 6,000 14 Natha Singh 18.04.1997 11,000 15 Avtar Singh 25.06.1997 05.03.1998 15000 3000 18,000 16 Jagir Singh Numberdar 04. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion. Some of the creditors of the assessee were found to be mere labourers, milk vendors or some low paid employees who had their own families to support out of the income earned by them instead of advancing the loans to the assessee even without carrying any interest. Accordingly, on appreciation of the material on record, the authorities below concurrently found that the assessee had not been able to satisfy about the credit worthiness of the creditors and consequently the genuineness of the transaction. 5. The contention raised by the counsel for the assessee to support the case built up by him is on the basis of statements made before the authorities during the course of assessment proceedings. It was submitted that though other ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee rather it is evident that the views expressed by the authorities below are in conformity with the principles laid down in the judgments referred to above where it is held that to prove the genuineness of a cash credit entry, identity of the creditor, his credit worthiness and the genuineness of the transaction has to be proved. The assessee in the present case has failed to discharge the burden placed on him. 7. In Oceanic Products Exporting Co. Vs. Commissioner of Income Tax , (2000) 241 ITR 497(Ker) and R.B.Mittal Vs. Commissioner of Income Tax , (2000) 246 ITR 283(AP), the view taken is that the findings on cash credits are findings of fact. Under similar circumstances, this Court in ITC No. 1 of 1998 titled as ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
