cash credit u/s 68

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poonam sharma (Querist)
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12 October 2009 if the a person provides copy of bank passbook, income tax return and confirmed copies of account of the assessee is it enough to prove the identity, creditworthiness and genuuiness of the transacions.

Rajeev

Rajeev (Expert)
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12 October 2009 yes poonam , the initial burden to prove that the transcation is genuine lies on the assessee . These are ample evidences to prove that the transcations are bonafide .

Once all these documents are submitted the assessee discharges the initial burden and then the burden shifts on the revenue .

Then the revenue needs to prove that the transcations are not bonafide .

there was a recent case law on this given by honorable tribunal ( agra bench) in the month of may 2009 , in the case of kalyan charitable trust . sorry i dont remember the citation

CA. Bikash Bogi

CA. Bikash Bogi (Expert)
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15 October 2009 Along with these you should have proivide gift affidavit taken from donor. Occasion for making gift and relationship status should strong your side.
Overall Genuineness, Capacity to make the gift, creditworthiness, occasion, relationship are the criteria, which has been taken by various courts for assessing gift transactions.

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