1980 (5) TMI 71

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.... an addition of Rs. 9000. 2. The brief facts are that there appeared a cash credit of Rs. 9,000 in the name of one Shri Niranjansingh in the books of the assessee during the assessment proceedings. The assessee was called upon to prove the genuineness of the said cash credit. Shri Niranjansingh was examined and his statement was recorded by the ITO. The creditor affirmed having advanced Rs. 9,0....

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....ng the genuineness of the cash credit of Rs. 9,000. The argument for the assessee is that the identity and the capacity of the creditor have been established and, therefore, the onus is shifted to the Revenue to prove that the entries being passed in the books of the assessee were incorrect. On the other hand the objection of the Revenue is that the assessee having failed to establish the source o....

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..... Such proof includes proof of the identity of his creditor, the capacity of such creditor to advance the money and, lastly, the genuineness of the transaction. In our opinion, the assessee has succeeded in proving the identity and the capacity of the creditor. From the statement of Shri Niranjan Singh, it is amply clear that he is a man of means. It is not controverted that the creditor is in pos....

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....nner of deposit. The source of deposit is the income from agricultural produce which is proved beyond doubt by the assessee. In these circumstances, the genuineness of the transaction cannot be doubted. The creditor having affirmed the loan, we are of the view that the onus was shifted to the Revenue and later failed to rebut the case of the assessee. The assessee having successfully discharged it....