1989 (10) TMI 32

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..... e-tax. The respondent is the Revenue. We are concerned with the assessment year 1984-85. As much as six questions are formulated in paragraph 6 of the original petition which the petitioner prays shall be directed to be referred to this court by the Income-tax Appellate Tribuna. The short question that arises for consideration is whether theAppellateTribunal was justified in sustaining the additio .....

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..... the capacity of the lender and genuineness of the loans is on the assessee. It is so as could be gleaned from section 68 of the Income-tax Act. The Appellate Tribunal considered the materials available before it with regard to the six cash credits and concluded that the assessee failed to prove that the credits are genuine. It is on an appreciation of the facts available before it that the Appella .....

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..... Tribunal had analysed the entire material available before it and had concluded that the cash credits are not genuine. The said finding of fact is based on material. It cannot be stated that the said finding is based on " no material " or irrational or otherwise perverse. The estimation of income was also arrived at on a preponderance of probabilities. In this view of the matter, we are of opinio .....

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