9911796707
TMI Blog2011 (2) TMI 980X X X X Extracts X X X X X X X X Extracts X X X X ..... the income was below taxable limit, no return was filed - It is pertinent to mention here that out of 18 investors, only 16 were produced and in spite of sufficient opportunity given to the assessee, two shareholders were not produced which cast a cloudy shadow of transaction in respect of these two persons & it is not the case of the assessee that these two persons can be produced now, therefore, there is no infirmity - 407 AND 432 (IND.) OF 2009 - - - Dated:- 22-2-2011 - JOGINDER SINGH, R.C. SHARMA, JJ. H.P. Verma and Ashish Goyal for the Appellant. Keshav Saxena for the Respondent. ORDER Joginder Singh, Judicial Member. These are cross appeals by the assessee and the revenue against the order of the learned CIT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... share subscribers is having PAN. 3. On the other hand, the learned CIT DR strongly pleaded that the assessee is supposed to establish the three aspects/ingredients required under section 68 of the Act for which reliance was placed on the decision in CIT v. Sophia Finance Ltd. [1994] 205 ITR 98/[1993] 70 Taxman 69 (Delhi), S. Punjabi v. Asstt. CIT [1998] 62 TTJ 749 (Mad.). The crux of arguments on behalf of the revenue is that even the identity of the remaining two persons was not established by the assessee. Our attention was specifically invited to paras 14 and 15 (page 24 of the assessment order). 4. We have considered the rival submissions of ld. representatives of both sides and perused the material available on record. Broadly, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ons namely, Shri Surendrakumar Singh and Vishnuprasad Mishra. The relevant section 68 is reproduced hereunder : "68. Where any sum is found credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the sum so credited may be charged to income-tax as the income of the assessee of that previous year." 5. Section 68 deals with cash credit. A bare reading of the aforesaid section suggests that there has to be credit of amounts in the books maintained by the assessee that such credit has to be of a sum during the previous year, and that the assessee offers no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be satisfactorily explained by the assessee it is open to the revenue to hold that it is the income of the assessee and no further burden lies on the revenue to show that the income is from any particular source because it is the assessee to prove that even if the cash credit represents income, it is income from a source which can be explained. The crux of the discussion is that the onus is on the assessee to discharge its burden for the entries made in its books. 6. If the totality of facts as mentioned in the impugned order/assessment order and the assertion made by the learned respective counsels is kept in juxtaposition, we find that the learned Commissioner of Income-tax (Appeals) in para 4 onwards has dealt with almost each and ever ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at the learned Commissioner of Income-tax (Appeals) blindly deleted or confirmed the addition rather an elaborate attempt has been made in coming to a particular conclusion. The genuineness of the transaction in the case of Shri Surendrasingh is very much in doubt, therefore, we find no infirmity in the conclusion drawn in the impugned order. As far as the case of Shri Vishnukant Mishra is concerned, it was claimed that he was having 25 acres of land jointly owned by his brothers. The size of the family was not mentioned right from the assessment stage up to the Tribunal stage. Shri Mishra is also not assessed to tax and merely the share subscription has been claimed from savings from agriculture. Since no return was filed, Shri Mishra has ..... X X X X Extracts X X X X X X X X Extracts X X X X
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