TaxTMI 
TaxTMI 
2017 (3) TMI 83
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....99, although the assessee has raised 5 grounds of appeal, the effective grievances of the assessee is regarding addition of Rs. 4,01,000/- which is made by the AO under section 68 and consequent disallowance of interest of Rs. 72,180/- in respect of the deposits. In this manner, total addition made in this year is Rs. 4,72,180/-. 4. In the AY 2001-02 also, he has made similar addition under section 68 of the IT Act of Rs. 6,08,000/- and consequentially disallowed the interest of Rs. 1,03,337/-. In addition to that, in AY 2001-02, he has also made disallowance of Rs. 16,45,400/- by disallowing the claim of the assessee in respect of write off of bad debts under section 36(1)(vii) of the IT Act. 5. In AY 2002-03 also, similar addition of Rs....
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....ctions as required under section 68. In reply, the learned AR of the assessee could not produce anything in respect of identity and credit worthiness of the persons from whom cash credit in question was received. Regarding the 2nd issue i.e., writing off of bad debts, it was submitted by learned AR of the assessee that the books of accounts of the assessee were impounded in September, 2003 and therefore, the assessee could not make entries in the books of accounts for writing off of bad debts. He submitted that copy of Balance Sheet and P & L Accounts for all the 4 years are available on pages 1-22 of the paper book and from the same, it can be seen that in each of the year where the assessee has claimed deduction on account of write off of....
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....t on account of receipt of deposits by the assessee and consequent disallowance of interest on such cash credit, I find that this is a settled position of law by now that for the purpose of section 68, the burden is on the assessee to establish identity of the cash credit or and his credit worthiness and genuineness of the transactions. In the present case, the assessee has failed to carry out his obligations and hence, the burden cannot be shifted to the revenue to find out from the creditors about their identity and credit worthiness after receiving the names and addresses of the creditors. Hence, in the facts of the present case, I find no infirmity in the orders of the authorities below on this issue. 11. Regarding the 2nd issue i.e., ....