Law:

Section:

Section 68 of the income-tax act, 1961-Cash credits-Whether, where assessee whose books disclosed cash credits in names of certain creditors, who had made declarations under voluntary disclosure scheme, failed to produce creditors before ITO, impugned cash credits could be treated as assessee's income from undisclosed sources-Held, yes Facts The assessee, whose books contained certain cash credits in the names of creditors who had made voluntary declarations under section 24 of the Finance (No. 2) Act, 1965, failed to produce the creditors before the ITO as required by him. The ITO, therefore, treated the said cash credits as the assessee's income from undisclosed sources, on the ground that the assessee had failed to prove the genuineness of the cash credits and his order was confirmed by the Tribunal and the High Court. On appeal: Held In view of the ratio of the decision of the Supreme Court in the case of Jamnaprasad Kanhaiyalal v. CIT [1981] 130 ITR 244, it was clear that in the absence of any satisfactory proof, the taxing authorities were perfectly justified in holding that the impugned cash credits represented the assessee's own income from undisclosed sources. Case review Decision of the High Court affirmed Jamnaprasad Kanhaiyalal v. CIT [1981] 130 ITR 244 (SC) followed. Case referred to Jamnaprasad Kanhaiyalal v. CIT [1981] 130 ITR 244 (SC). JUDGMENT 1. We have heard the counsel for the assessee and the respondent. 2. We are satisfied that the question of law involved in this appeal is fully and conclusively covered by the decision of this Court in Jamnaprasad Kanhaiyalal v. CIT [1981] 130 ITR 244. 3. The…

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