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Issues: (i) Whether the assessee had discharged the onus of proving the genuineness of cash credits of Rs. 2,60,000 appearing in its books of account; (ii) whether, if the first issue were answered against the assessee, the interest of Rs. 10,784 paid to the creditor was an admissible deduction in computing the total income.
Issue (i): Whether the assessee had discharged the onus of proving the genuineness of cash credits of Rs. 2,60,000 appearing in its books of account.
Analysis: The question of discharge of onus in relation to cash credits was treated as one of fact. The Tribunal had reached its finding on the basis of evidence on record. No perversity in that finding was shown. In such circumstances, the reference did not raise a question of law warranting interference with the Tribunal's conclusion.
Conclusion: The issue was answered in the affirmative and in favour of the assessee.
Issue (ii): Whether, if the first issue were answered against the assessee, the interest of Rs. 10,784 paid to the creditor was an admissible deduction in computing the total income.
Analysis: Since the assessee succeeded on the first issue and the Tribunal's finding on the cash credits was upheld, the consequential question regarding deduction of interest also stood answered on the same footing.
Conclusion: The issue was answered in the affirmative and in favour of the assessee.
Final Conclusion: Both reference questions were decided in favour of the assessee, and the Tribunal's view was upheld.
Ratio Decidendi: Where the Tribunal's finding on the genuineness of cash credits is supported by evidence and no perversity is shown, the issue of discharge of onus remains a question of fact and does not give rise to a question of law.
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