TMI Blog2017 (7) TMI 366X X X X Extracts X X X X X X X X Extracts X X X X ..... t the said credit is part of the income of the assessee. Of course, the presumption is rebuttable by the assessee by producing relevant cogent evidence in that behalf other than a bald statement about the nature of source of the credits in question. The stand adopted by the CIT(Appeals) was the appropriate one whereby he had directed that the addition of ₹ 18,00,704/- made by the Assessing Officer may be deleted but only after the assessment records of the partners were verified and checked and it was verified that the income had been properly assessed or accounted for in the hands of the partners. Therefore, this question is answered accordingly and the view taken by the Tribunal is set-aside and that of the Commissioner of Income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing documentary evidence to prove the genuineness of agriculture income? 3. Insofar as the first question is concerned, the matter has to be remitted to the Tribunal for a consideration afresh in terms of our direction given in ITA No. 04/2012 by the very same assesse which we have rendered today itself (that decision pertains to the year 2007-08). 4. Insofar as the question (ii) is concerned, we find that the Assessing Officer had made an addition of ₹ 18,007,04/- on account of unexplained credit under Section 68 of the Income Tax Act, 1961. The said sum of ₹ 18,00,704 had been credited to the capital account of the partners. As per the Assessing Officer, the assesse was repeatedly asked to furnish documentary evidence ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... explained in the terms provided in Section 68 of the Income Tax Act, 1961, or the explanation is not found to be satisfactory by the Assessing Officer, the said sum can be charged to income tax as income of the assesse. Once it is determined that a sum which is credited to the account of the assesse is unexplained, then Section 68 gets triggered. It is well settled that under Section 68 of the said Act, once a credit in the books of assesse is found to be unexplained, a presumption is drawn against the assesse that the said credit is part of the income of the assesse. Of course, the presumption is rebuttable by the assesse by producing relevant cogent evidence in that behalf other than a bald statement about the nature of source of the cred ..... X X X X Extracts X X X X X X X X Extracts X X X X
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