TaxTMI 
TaxTMI 
1996 (7) TMI 127
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....ax Act, 1961, the following questions of law for its opinion. The question relates to the assessment year 1981-82 : " 1. Whether, on the facts and in the circumstances of the case, when the identity of the creditor is not in dispute the Tribunal was justified in holding that Rs. 46,000 represented the income of the assessee from undisclosed sources though the creditor was not summoned and examine....
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....ssee was that he had taken a loan from one, Shri Sheo Shankar Prasad, who also happened to be a contractor. Shri Sheo Shankar Prasad confirmed the assessee's statement and in support showed that he had withdrawn from his bank account a total sum of Rs. 45,620. The case of the assessee further was that this loan amount had since been repaid by him by drawing a cheque for a sum of Rs. 46,000 in favo....
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....bunal held as under : It is well-settled that it is for the assessee to prove the genuineness of the loan taken by him. In this case, the assessee cannot be said to have discharged the onus cast on him. The case put forward by the assessee and corroborated by Shri S. S. Prasad is clearly an afterthought. First, neither the assessee nor Shri Sheo Shankar Prasad have given the exact date and the ex....