Shanti Prime Publication Pvt. Ltd.
Section 68 of the Income-tax Act, 1961 – Cash credit – Addition could not be made under section 68 as assessee has discharged his onus to prove the source of deposits.
Facts: The issue for consideration in this appeal is as to whether the cash deposits made to the account of assessee had duly been explained by the assessee before the lower authorities or not and the CIT(A) was justified in upholding the said additions.
Held, that once the documentary evidences are submitted by the assessee, burden shifts to the revenue and then the Revenue should bring on record material from which it could be concluded that the transactions into the accounts of the assessee, in fact, are not genuine. Documents filed on record have not been disputed by the authorities below and the department could not controvert the documents by bringing any cogent material on record, therefore, the assessee has discharged his onus to prove the source of deposits. thus, the addition made by AO and confirmed by the CIT(A) on account of unexplained deposit as raised by the assessee is not sustainable and accordingly we direct the AO to delete the same – PABITRA MOHAN SAMAL Vs. ITO [2020] 181 ITD 391 (ITAT-CUTTACK)