1981 (1) TMI 84

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....nd polishing at Surat. He comes originally from Bhavnagar District. The ITO found that there were following cash credits in the books of the assessee: (i) Rs. 25,500 Keshavlal Mulji (ii) Rs. 22,000 Dharmeshi Premji (iii) Rs. 25,000 Bhavan Odhavji . Rs. 72,500 . 2. For reasons stated the ITO held that these cash credits were not established and added total of ....

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....thern Bengal Jute Trading Co. Ltd. vs. CIT (1968) 70 ITR 407 (Cal). Shri Harne stated that the Department would be justified in relating the cash credits as unexplained investments. 5. Shri K.C. Patel the ld. counsel for the assessee pointed out that the credits were agriculturists and were persons of fairly good means. Their land holdings were fairly substantial. They had also irrigation facil....

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....ut once he has shown that they were received from a particular person and that person has accepted the transaction, the burden shifts on the Revenue. The Revenue can certainly show the so called creditors were not persons of adequate means in relation to the amount involved; the Revenue can also show that such transaction in fact did not take place. In this very case however, Revenue has not shown....