Law:

Section:

Section 68 of the Income-tax Act, 1961 - Cash credits - Assessment year 1962-63 - Original assessment completed in February 1967 was set aside at instance of petitioner-assessee on ground that it was not afforded any opportunity to substantiate its claim - Fresh assessment was made in February 1982 making additions of certain cash credit - On appeal, Tribunal upheld additions - On instant petition, assessee submitted that it was not possible to have produced creditors in question for their cross examination after a lapse of 14 years - Whether in view of fact that assessee got original assessment order set aside on ground that it was not granted full opportunity to explain cash credits, now it was not open to assessee to turn around and say that after so many years it was not possible to lead any evidence - Held, yes - Whether said stand of assessee was contradictory, and therefore, Tribunal was right in coming to conclusion that no question of law arose out of its order - Held, yes - Whether, consequently, instant petition was to be dismissed - Held, yes FACTS For the assessment year 1962-63 the assessment was completed on 24-2-1967. Thereafter the assessment was, set aside and a fresh assessment order was passed on 27-2-1982, assessing certain cash credits. The assessee contended that it was not possible to have produced the creditors in question for their cross examination after the lapse of 14 years. On appeal, the Tribunal held that even though the assessee had filed confirmation letters from the respective creditors and had furnished the complete names and addresses of such creditors, still the burden which lay upon the assessee to establish the genuineness of such cash credits had not been discharged, particularly in a situation where a period of almost 14 years had passed since the date of taking of the loans in question. The reference application of the assessee was also rejected. On writ : HELD In the instant case the original assessment order was set aside at the instance of the assessee himself. This order was set aside on the ground that the assessee wanted further opportunity to substantiate its claim because it was alleged that full opportunity…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492