2013 (2) TMI 738

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....n facts and in law, the Tribunal has substantially erred in disregarding relevant factors based on contentions and documentary evidence on record and considering irrelevant facts/principles of law while confirming addition of Rs. 25,97,902/- made by the Assessing Officer by invoking section 68 of the Income Tax Act, 1961.   (3) Whether on facts and in law, the Tribunal's findings and conclusions for confirming addition of Rs. 25,97,902/- under section 68 is vitiated findings and conclusions unsustainable on facts, documentary evidence on record and in law? (4) Whether on facts and in law, when the initial onus is discharged by the appellant, there being no contrary evidence in rebuttal, the disputed addition of Rs. 25,97,902/- un....

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....prove the genuineness of cash credit lies on the assessee. Such proof includes proof of source of amount credited and capacity of such credits and the genuineness of the transaction. 4.6 From the facts discussed above, it is clear that the assessee could not prove any of the ingredients to prove the genuineness of the cash deposit. In the circumstances, amount deposited in the Bank account of the assesse to the tune of Rs. 25,97,902/- is treated as income of the assessee from his undisclosed source and brought to tax u/s. 68 of the Income Tax Act, 1961 as unexplained cash credit. Penalty proceedings u/s. n271(1)(c) of the Income Tax Act have been initiated on this issue for concealing the income by way of furnishing of inaccurate particu....

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.... been thus established. Moreover, nothing has been brought on record to prove the genuineness and creditworthiness of the transaction. In the circumstances and facts of the case and in view of the judgement of Hon'ble Apex Court in the case of CIT v. P Mohankala & Others 210 CTR 20 (SC), where the explanation offered by the assessee about the nature and source of such sums found credited in the books of account of the assessee is not found satisfactory, the same has to be charged to the income tax. Therefore in the present circumstances and facts of the case, we find no error in the order of Ld. CIT(A). Thus, the solitary ground of assessee is dismissed." 3. Having heard learned counsel for the appellant, we are of the opinion that the e....