Sec. 68 of Income Tax Act, 1961—Cash Credit - The moot question, which arises for consideration in the appeal of the appellant/assessee is whether an assessee (a company, which is engaged in the business of construction) who has taken a loan is bound to produce the source of source. The appellant/assessee having proved the identity and credit worthiness of the party as well as the genuineness of the transaction had discharged its burden and it was for the revenue to conduct an enquiry and to prove that the transaction in question was not genuine and the identity of the creditor was not established and it had no credit worthiness. In the instant case, the revenue has not conducted any enquiry and has failed to discharge its burden. Thus, appeal of the appellant/assessee allowed by quashing the order of Tribunal in holding that the appellant has not proved the credit inspite of detailed evidences placed before the Tribunal. - KUMAR NIRMAN AND NIVESH PVT. LTD. V/s ASSTT. CIT - [2020] 425 ITR 486 (KARN)