TaxTMI 
TaxTMI 
1982 (3) TMI 280
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.... the asst. yr. 1968-69. The assessee is a registered firm carrying on business of grains, kirana, oil and so on. During the course of the assessment proceedings in respect of the aforesaid assessment year, the ITO, while scrutinising the books of accounts, noticed certain cash credits in various accounts. The assessee was asked to prove the genuineness of the cash credit entries. The assessee stat....
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....at transpired before him was that when the assessee was asked to explain the above credits, which were made in favour of named parties with adequate evidence and to produce the persons concerned for cross-examination, the assessee expressed its inability to produce the persons and prove the credits. On this, the ITO took the view that the assessee had failed to discharge the burden of proof and br....
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....t the penalty levied on the assessee u/s 271(1)(c) of the Act for the asst. yr. 1968-60 was not sustainable ?" 2. The submission of Mr. Sajnani, the ld. counsel for the Revenue, is that the assessee had in fact, admitted the concealment of income and hence it was not necessary for the Revenue to prove the same. It was submitted by him that, in view of this, the burden was on the assessee to ....
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.... it was always heavily indebted and unable to trouble its creditors to give evidence. The aforesaid stand by the assessee can, in our view, never be considered as an admission by the assessee that it has concealed any income. As far as the decision in Western Automobiles (India) (supra) is concerned, facts of that case are altogether different from the facts of the case before us. In that case, wh....