TaxTMI 
TaxTMI 
TaxTMI 
1979 (1) TMI 143
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....st thereon amounting to Rs. 210 in the assessment. 2. The assessee is a partnership concern deriving income from commission agency in Ghee and from dealings on own account in sugar and oil etc. The assessment under appeal is for the year 1975-76. The relevant previous year ended on Deepawali Samwat 2031. 3. While examining the assessee's books of account certain cash credits were noticed by the ....
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....spite of these facts, the ITO and the learned AAC treated the amount in question alongwith the interest of Rs. 210 as the assessee's own income from undisclosed source as they felt that the creditor did not have his own resources out of which Rs. 3,000 could have been paid. 4. Before us it is urged by the learned counsel for the assessee that the assessee had discharged its onus and established t....
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....ssions. It is well settled that the initial onus is on the to establish the genuineness of a credit entry appearing in the assessees books of account. If the assessee fails to do so, it is open to the taxing authorities to treat the amount in question as the assessee's own taxable receipt. Where, however, the assessee produces the material before ITO to establish the genuineness of the creditor an....