2008 (6) TMI 589

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.... JUDGMENT C. N. Ramachandran Nair, J. Heard counsel for the appellant and standing counsel for the respondent. The only question raised for decision is whether the Tribunal was justified in sustaining addition of cash credits under section 68 of the Income-tax Act. The loan creditors shown in the accounts are admittedly close relatives of the assessee. The case of the assessee before the Tr....

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....ot told the reason why the source of funds could not be explained by the assessee's relatives in whose name credits were shown in the account. Want of source of fund affects the genuineness of the transaction and unless source is proved, the loan creditors cannot be said to have discharged the duty of proving that the loans shown in the accounts were genuinely advanced by them to the assessee. The....