TMI Blog2019 (5) TMI 31X X X X Extracts X X X X X X X X Extracts X X X X ..... uded copies of their voter identity cards and affidavits - HELD THAT:- This Court is of the opinion that the findings of AO as well as the lower appellate authorities are concurrent, as such the Court circumspects in holding against these findings. That apart, the Court notices that the ruling of the Supreme Court in Commissioner of Income Tax vs. Lovely Exports Private Limited [ 2008 (1) TMI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee, who has to make the necessary efforts to produce the material - no substantial question of law arises. - ITA 216/2019 & CM Appl. 10407/2019 - - - Dated:- 6-3-2019 - MR. S. RAVINDRA BHAT AND MR. PRATEEK JALAN JJ. Appellant Through: Mr. N.P. Sahani Mr. Rupesh Sinha, Advs. Respondent Through: Mr. Zoheb Hossain, Sr. Std. Counsel. O R D E R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ccount of current liabilities/advances and confirmed additions of ₹ 12,40,000/-. Eventually, when the ITAT was approached by the assessee, against the impugned order the addition to the extent of ₹1,01,62,085/- was affirmed. 3. The assessee urges that the amounts added under Section 68 and brought to tax reflected advances given by 40 agriculturists towards a proposed housing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he ruling of the Supreme Court in Commissioner of Income Tax vs. Lovely Exports Private Limited (2010) 14 SCC 761 affirms the position that with respect to the credits, especially cash deposits etc., the initial burden lies upon the assessee to establish by way of the three prong test, that the advances or credits claimed are genuine, first the identity of the creditor; second, the genuineness ..... X X X X Extracts X X X X X X X X Extracts X X X X
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