Shankar Industries v. CIT

114 ITR 689High Court1978#907 most cited

What is Shankar Industries v. CIT authority for?

To explain cash credits in books under Section 68, the assessee must prove the identity of the creditor, their capacity to advance the money, and the genuineness of the transaction. Failure to establish these three elements results in the addition being upheld.

117

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2015 to 2026.

Also referred to as

Shankar Industries v CIT · 114 ITR 689 · Section 68 Income Tax Act · cash credits onus of proof · identity capacity genuineness · creditor's creditworthiness · unexplained share capital · burden of proof section 68 · addition under section 68 · unexplained cash credits

Sections most often in play

Section 68Section 143(3)Section 133(6)Section 147Section 69Section 142(1)Section 144Section 143(2)

Issues it is cited on

source of sourcesection 31paper companycreditworthiness of the creditorshare capital and share premiumsection 251(2)section 251(1)(a)onus of prooflive linkadmission of additional evidenceaddition u/s 68entry operator

Judgments citing Shankar Industries v. CIT

ITO, Ward-1, Narnaul vs. Ashok Kumar Gupta, Narnaul

In the result, the appeal filed by the Revenue is dismissed

ITA 943/DEL/2020[2008-09]Status: DisposedITAT Delhi17 May 2024AY 2008-09

Bench: Shri Kul Bharat & Dr.B.R.R.Kumar

Section 144Section 44ASection 69

…satisfactorily explained by the assessee, it is open to the revenue to hold that it is the income of the assessee and no further burden lies on the revenue to show that the income is from any particular source. In the case of Shankar Industries v. CIT [1978] 114 ITR 689 (Cal.), the Calcutta High Court held that it is necessary for the assessee to prove prima facie the transaction which results in a cash credit in his books of account. Such proof includes proof of the identity of his creditor, the capacity of such creditor to advance the money and lastly the genuineness of the transaction. Only after the assessee…

Balgopal Merchants Pvt Ltd vs. Principal Commissioner of Income Tax 2 Kolkata

Accordingly, the appeal fails and is dismissed

ITAT/232/2023HC Calcutta13 May 2024

Bench: THE HON'BLE THE CHIEF JUSTICE T.S SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

Section 131Section 143(1)Section 143(2)Section 260A

…id notice and submitting all the details, the assessing officer did not advert to the same. In this regard, the reply sent by the assessee to the notice under Section 142(1) annexed to the 1 (1978) 114 ITR 689 2 (2013) 350 ITR 407 3 (2022) 446 ITR 56 (Cal) ITAT NO. 232 OF 2023 REPORTABLE Page 11 of 26 supplementary affidavit in page 47 was referred to stating that the details called for were fully furnished. The shareholder’s response was also referred to which is annexed to the supplementary affidavit in page 13 and 14 and in pages…

ACIT, Circle 25(1), Delhi vs. Vinod Rice Meal Pvt. Ltd., Delhi

In the result, the appeal of the Revenue is dismissed

ITA 2048/DEL/2021[2012-13]Status: DisposedITAT Delhi04 Apr 2024AY 2012-13

Bench: Dr. B. R. R. Kumarms. Astha Chandra

For Appellant: Sh. K. Sampath, Adv. &For Respondent: Sh. Amit Katoch, Sr. DR
Section 133(6)Section 68

…TTJ 710 (Del):- “It was observed that the initial onus of proving the identity of the share holders and establishing the fact that the share holder had in fact .contributed the share capital, lies, on the assessee”. iii) a) Shankar Industries Vs. CIT [1978] 114 ITR 689 (Cal.): b) C. Kant & Co. Vs. CIT [1980] 126 ITR 63 (Cal.) and CIT Vs. Precision Finance Private Limited [1994] 208 ITR 465 (Cal.):- “It is necessary for the assessee to prove the transaction which results in a credit in its books of accounts. Such proof includes proof of the identity of its creditors, the capacity of such creditors to advance mon…

DCIT, Cir-43, Kol, Kolkata vs. S.K.Agarwala & Co, Kolkata

In the result both the appeals of the Revenue are dismissed

ITA 486/KOL/2023[2017-18]Status: DisposedITAT Kolkata05 Dec 2023AY 2017-18

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma

Section 131Section 131oSection 133(6)Section 133ASection 143(1)Section 250Section 68

…nd the onus shifted to the Ld Assessing Officer to disprove the materials placed before him. Without doing so, the addition made by the Ld Assessing Officer based on conjectures and surmises cannot be justified. In the case of Shankar Industries v. CIT [1978] 114 ITR 689 (Cal.), the Calcutta High Court held that it is necessary for the assessee to prove prima facie the transaction which results in a cash credit in his books of account. Such proof includes proof of the identity of -; creditor, the capacity of such creditor to advance the money and lastly the genuineness the transaction. Only after the assessee has…

DCIT, Cir-43, Kol, Kolkata vs. S.K.Agarwala & Co, Kolkata

In the result both the appeals of the Revenue are dismissed

ITA 485/KOL/2023[2016-17]Status: DisposedITAT Kolkata05 Dec 2023AY 2016-17

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma

Section 131Section 131oSection 133(6)Section 133ASection 143(1)Section 250Section 68

…nd the onus shifted to the Ld Assessing Officer to disprove the materials placed before him. Without doing so, the addition made by the Ld Assessing Officer based on conjectures and surmises cannot be justified. In the case of Shankar Industries v. CIT [1978] 114 ITR 689 (Cal.), the Calcutta High Court held that it is necessary for the assessee to prove prima facie the transaction which results in a cash credit in his books of account. Such proof includes proof of the identity of -; creditor, the capacity of such creditor to advance the money and lastly the genuineness the transaction. Only after the assessee has…

Apl Metals Limited, Kolkata vs. ACIT, Central Circle - 3(3), Kolkata

ITA 297/KOL/2023[2018-19]Status: DisposedITAT Kolkata15 Sept 2023AY 2018-19

Bench: Dr. Manish Borad, Am & Shri Sonjoy Sarma, Jm I.T.A. No.297/Kol/2023 Assessment Years: 2018-19 Apl Metals Ltd. Vs. Income Tax Officer, National C/O, Subash Agarwal & Faceless Assessment Centre, Associates, Advocates, Siddha Delhi. Gibson, 1, Gibson Lane, Suite 213, 2Nd Floor, Kolkata- 700069. (Pan: Aacca4246P) (Appellant) (Respondent)

Section 115BSection 143(2)Section 143(3)Section 250Section 69C

…redited on account of share capital or share premium, there must be existence, identity, genuineness and creditworthiness of the share applicants. This needs to be established by the Assessee by going beyond the submission of some documents. Sankar Industries 114 ITR 689 (Cal) It has been held that the Assessee must prove identity of creditor, capacity of creditor to advance money and genuineness of transaction mere proof of identity not enough nor is the mere submission of documents enough. CIT Vs. NR Portfolio Pvt. Ltd. (Delhi) In this case, it is held that creditworthiness cannot be proved by mere issue of che…

The ACIT, 5(1), Indore vs. M/S. Swastik Coal Corporation Pvt. Ltd., Indore

ITA 229/IND/2017[2012-13]Status: DisposedITAT Indore12 Sept 2023AY 2012-13

Bench: Shri Vijay Pal Rao & Shri B.M. Biyaniacit 5(1) M/S Swastic Coal Corporation Indore Pvt. Ltd. 21/3 Swastik House, Ratlam Vs. Kothi, Indore (Appellant / Revenue) (Respondent/ Assessee) Pan:Aabcj3196N Revenue By Shri P.K. Mishra, Cit-Dr Respondent By Shri Vijay Bansal & Ms. Nisha Lahoti, Ars Date Of Hearing 08.08.2023 Date Of Pronouncement 12.09.2023

Section 14ASection 68

…12 then how an investment in the shares of the assessee company was made by these newly set up companies within the period of one month from incorporation. The AO has relied upon the judgment of Hon’ble Kolkata High court in case of Shankar Industries vs. CIT 114 ITR 689 as well as in case of CIT vs. Precision Finance Pvt. Ltd. 208 ITR 465. The Ld. CIT(A) has deleted the addition without verifying the creditworthiness and genuineness of the transactions. Ld.DR has submitted that no bank account statement has been filed by the assesse to show the genuineness of the transactions and the capacity of the investor com…

Lokenath Investment Consultants P.Ltd, New Delhi vs. ACIT, Central Circle-8, New Delhi

In the result, the appeal of the assessee is dismissed

ITA 1097/DEL/2019[2009-10]Status: DisposedITAT Delhi31 Jul 2023AY 2009-10

Bench: Dr. B. R. R. Kumarsh. Yogesh Kumar Us

For Appellant: NoneFor Respondent: Ms. Sarita Kumari, CIT DR
Section 139Section 148Section 153ASection 153C

…in respect of application of the provisions of section 68 of the Act. 5.9 It has been held in various judgments that the assessee must prove identity and creditworthiness of creditor and genuineness of transaction e.g. as in Shankar Industries Vs. CIT (Cal) 114 ITR 689, Nanak Chandra Laxman Das Vs. CIT (Cal) 140 ITR 151, Hari Chand Virender Paul Vs. CIT (P&H) 140 ITR 148, CIT Vs. BijuPatnaik (SC) 160 ITR 674, ITO Vs. Skyjet Aviation (P) Ltd. (ITAT, Ahd-TM) 71 ITD 95, CIT Vs. Precision Finance P. Ltd. (Cal) 208 ITR 465, Oriental Wire Industries (P) Ltd. Vs. CIT (Cal) 131 ITR 688, Malabar Agricultural Co. Ltd. Vs…

ITO3(1), Indore vs. K. K. Patel Finance Ltd., Morena

ITA 988/IND/2019[2009-10]Status: DisposedITAT Indore28 Apr 2023AY 2009-10

Bench: Ms. Suchitra Kamble & Shri B.M. Biyani(Conducted Through Virtual Court) Assessment Year: 2009-10 Ito-3(1) K.K. Patel Finance Ltd. Indore 44, Jiwaji Ganj, बनाम/ Gandhi Aushdhalaya Road, Vs. Morena (Appellant / Assessee) (Respondent / Revenue) Pan: Aabck 4282 G Revenue By Shri P.K. Mishra, Cit-Dr Respondent By None Date Of Hearing 15.12.2022 / 16.03.2023 Date Of Pronouncement 28.04.2023

Section 143(3)Section 68

…itor to make deposit and (iii) the genuineness of the transaction. It is only then that the assessee can be said to have discharged his part of onus cast u/s.68, as has been held in the time-tested judgment in the case of Shankar Industries v Addl. CIT (1978) 114 ITR 689 (Cal.). Though, the assessee company has made an attempt to discharge his part of onus with the help of copies of affidavits, share application forms etc. of creditors, still all the above three ingredients of a genuine cash credit are not fulfilled. The type of documents furnished by the assessee are self serving and can be made by any one. The…

DCIT, Circle, Bhilwara vs. Shri Prahalad Rai Rathi, Bhilwara

In the result, the appeal of the Revenue is dismissed

ITA 282/JODH/2018[2015-16]Status: DisposedITAT Jodhpur13 Apr 2023AY 2015-16

Bench: Shri B. R. Baskaran & Dr. S. Seethalakshmithe Dcit Vs Shri Prahalad Rai Rathi Circle Prop: M/S.Kedar Mal Radhey Shyam, Bhiwlara Sadar Bazar, Gulabpura, Bhilwara (Appellant) (Respondent) Pan No. Adxpr 0949 R

Section 68Section 69C

…editor and the genuineness of the transaction and once this initial onus is discharged, it shifts to the AO to rebut / disprove the same for making a valid addition. Kindly refer CIT v/s Shree Barkha Synthetics 182 CTR 175(Raj.) and Shankar Industries v/s CIT 114 ITR 689 (Cal). The same view has again been taken in CIT vs. First Point Finance Ltd 286 ITR 477 (Raj.), the Hon’ble Court after referring to the above decisions, held that ones the initial burden has been discharged in respect of the creditor, the burden shifts to the revenue to prove otherwise, in the following words: "This Court held after referring t…

PCIT-07, Delhi vs. M/S Wel Intertrade Pvt. Ltd

ITA - 135 / 2023HC Delhi07 Mar 2023
Section 36(1)(iii)Section 68

…oney and the genuineness of the transaction. In C. Kant & Co. vs Commissioner Of Digitally Signed By:VIPIN KUMAR RAI Signing Date:15.04.2023 13:55:33 Signature Not Verified 2023:DHC:2439-DB ITA 135/2023 Pg.4 of 12 Income-Tax (1980) 126 ITR 63 (Cal), the Hon'ble Calcutta High Court held that on whom the onus of proof lies in a particular case is a question of law. But whether the onus has been discharged in a particular case is a question of fact. 8 .10 Hon'ble Kolkata High Court observed in the case of S.K. Bothra & Sons (HUF) vs. ITO (2011) 203 TAXMAN 436 (Kol) that the law is…

Atul Modi, New Delhi vs. ACIT, Circle- 29(1), New Delhi

In the result, the appeal of the assessee is dismissed ex- parte

ITA 1605/DEL/2018[2014-15]Status: DisposedITAT Delhi04 Jan 2023AY 2014-15

Bench: Shri Pradip Kumar Kedia & Shri Anubhav Sharma

For Appellant: NoneFor Respondent: Shri Kanv Bali, Sr.DR
Section 143(3)Section 68

…ima facie by the appellant and only after the assessee has adduced evidence to establish prima facie the aforesaid, the onus shifts on the Department. Merely establishing the identity of the creditor is not enough as held in [Shankar Industries vs. CIT (1978) 114 ITR 689 (Cal.), C. Kant & Co. vs. CIT (1980) 126 ITR 63 (Cal.), Prakash Textile Agency vs. CIT (1980) 121 ITR 890 (Cal.) Oriental Wire Industries Pvt. Ltd. vs. CIT (1981) I.T.A No.1605/Del/2018 7 131 ITR 688 (Cal.), CIT vs. United Commercial and Industrial Co. Pvt. Ltd. (1991) 187 ITR 596, 599 (Cal.). Further, in Bharati Pvt. Ltd. vs. CIT (1978) 111 IT…

Income Tax Officer, Ward-1, Kadapa vs. Pritham & Prathik Hospitals Private Limited, Kadapa

In the result, the appeal of Revenue is partly allowed for statistical purposes

ITA 97/HYD/2019[2014-15]Status: DisposedITAT Hyderabad29 Nov 2022AY 2014-15

Bench: Shri R.K. Panda & Shri Laliet Kumarassessment Year: 2014-15 Income Tax Officer, Vs. M/S. Pritham & Prathik Ward – 1, Hospitals Pvt. Limited, Kadapa. Kadapa – 516002. Pan : Aahcp6013E. (Appellant) (Respondent) C.O.No.10/Hyd/2019 (In Ita 97/Hyd/2019) M/S. Pritham & Prathik Vs. Income Tax Officer, Hospitals Pvt. Limited, Ward – 1, Kadapa – 516002. Kadapa. Pan : Aahcp6013E. (Cross Objector / (Respondent) Appellant) Assessee By: Ms. S. Sandhya, Advocate. Revenue By: Ms. Swapna. Date Of Hearing: 24.11.2022 Date Of Pronouncement: 29.11.2022 Per Laliet Kumar, J.M. This Appeal By The Revenue & Cross-Objection By The Assessee Are Directed Against The Order Of Commissioner Of Income Tax (Appeals), Kurnool Dated 29.11.2018 For The Assessment Year 2014-15. 2. The Revenue Has Raised The Following Grounds :

For Appellant: Ms. S. Sandhya, AdvocateFor Respondent: Ms. Swapna
Section 133ASection 142(1)Section 143(3)Section 68Section 69

…. It is only when the assessee discharges this primary onus, that onus shifts to the Department. Merely establishing the identity of the creditor is not sufficient. This is the ratio in a large number of decisions including: • Shankar Industries vs CIT (1978) 114 ITR 689(Ca1); • C. Kant & Co vs CIT (1980) 126 ITR 63 (Cal); • Prakash Textile Agency vs CIT (1980) 121 ITR 890(Cal); • Oriental Wire Industries P. Ltd vs CIT(1981) 131 ITR 688(Cal) • CIT vs United Commercial &Industires Co.(P) Ltd., (1991) 187 ITR 596, 599(Cal) • M.A UnneeriKutti vs CIT (1992) 198 ITR 147, 150(Ker), Special Leave Petition dismissed by t…

Shri Madan Lal Meena, Jaipur vs. Assistant Commissioner of Income Tax, Circle-2, Kota

In the result, the appeal of the assessee is allowed for statistical purposes

ITA 873/JPR/2019[2007-08]Status: DisposedITAT Jaipur29 Aug 2022AY 2007-08
For Appellant: Shri Mahendra Gargieya (Adv.)For Respondent: Ms. Runi Pal (Addl.CIT) a
Section 147Section 148Section 234ASection 54BSection 68

…neness of the transaction and once this initial onus is discharged, it shifts to the ld. AO to rebut/disprove the same for making a valid addition u/s 68. Kindly refer CIT v/s Shree Barkha Synthetics (2003) 182 CTR 175 (Raj), Shanker Industries v/s CIT (1978) 114 ITR 689 (Cal) and First Point Finance Ltd (2006) 286 ITR 477 (Raj). 1.2.1 Identity Established: In the present case the facts are not denied that the assesse had alreadysubmitted Affidavits (duly notarized and attested) of Mr. Sukhvinder Singh and theother threecreditors as also their identity proof (Aadhar Card, Voter ID etc.)and copies of jamabandi(PB…

Rajendra and Ursula Joshi Holdings Private Limited, Jaipur vs. Principal Commissioner of Income Tax-1, Jaipur

In the result both the appeal of the assessee is allowed

ITA 192/JPR/2022[2017-18]Status: DisposedITAT Jaipur24 Aug 2022AY 2017-18
For Appellant: Sh. Deepak Birla (C.A.) &For Respondent: Shri Sanjay Dhariwal (CIT) a
Section 143(3)Section 263

…ereof or the explanation offered by him is not in the opinion of the Assessing Officer, satisfactory the sum so credited may be charged to income-tax as the income of the assessee of that previous year. Further, in the case of Shankar Industries v. CIT [1978] 114 ITR 689 the Calcutta High Court held that for the burden of proof of genuineness, the assessee must prove not only the identity of the creditor, capacity of the creditor to advance money and genuineness of the transaction. A mere proof of identity of creditor is not sufficient. Reliance can also be placed on the following decisions (1) CIT v. Precision F…

Rajendra and Ursula Joshi Skill Development Private Limited, Jaipur vs. Principal Commissioner of Income Tax-2, Jaipur

In the result both the appeal of the assessee is allowed

ITA 190/JPR/2022[2017-18]Status: DisposedITAT Jaipur24 Aug 2022AY 2017-18
For Appellant: Sh. Deepak Birla (C.A.) &For Respondent: Shri Sanjay Dhariwal (CIT) a
Section 143(3)Section 263

…ereof or the explanation offered by him is not in the opinion of the Assessing Officer, satisfactory the sum so credited may be charged to income-tax as the income of the assessee of that previous year. Further, in the case of Shankar Industries v. CIT [1978] 114 ITR 689 the Calcutta High Court held that for the burden of proof of genuineness, the assessee must prove not only the identity of the creditor, capacity of the creditor to advance money and genuineness of the transaction. A mere proof of identity of creditor is not sufficient. Reliance can also be placed on the following decisions (1) CIT v. Precision F…

M/S Morani Cars Pvt. Ltd., Jaipur vs. Assistant Commissioner of Income Tax, Ward-6, Jaipur

In the result the appeal of the assessee is partly allowed

ITA 184/JPR/2019[2011-12]Status: DisposedITAT Jaipur26 Jul 2022AY 2011-12
For Appellant: Sh. Suhani Maharwal (CA)For Respondent: Sh. A. S. Nehara (Addl.CIT)
Section 139(1)Section 143(3)Section 148Section 40ASection 40aSection 68

…llowing cases:— 35 M/s Morani Cars Pvt. Ltd., Jaipur vs. ACIT, Circle-06, Jaipur (i) CIT v. Nivedan Vanijya Niyojan Ltd. [2003] 263 ITR 6231 (Cal.); (ii) Rajshree Synthetics (P.) Ltd. v. CIT [2002] 256 ITR 331 2 (Raj.); (iii) Shankar Industries v. CIT [1978] 114 ITR 689 (Cal.) (iv)CIT v. Precision Finance (P.) Ltd. [1994] 208 ITR 4653 (Cal.). 13.2.3 The appellant could have proved the genuineness of one transaction made by Smt. Vinita Morani worth Rs. 6,00,000/- as the same was made through cheque but it is liability of the assessee to prove the three limbs within meaning of section 68 of the Act of all the cred…

Wel Intertrade Pvt. Ltd., New Delhi vs. DCIT, New Delhi

In the result, the appeal of the assessee in ITA No

ITA 1460/DEL/2017[2012-13]Status: DisposedITAT Delhi13 Jun 2022AY 2012-13

Bench: Before Shri N.K. Billaiya & Ms. Astha Chandraasstt. Year : 2011-12 Wel Intertrade Private Vs. Acit, Circle-27(2), Limited, New Delhi. 5,E Local Shopping Centre Masjid Moth, Greater Kailash Part 2, New Delhi – 110 048 Pan Aaacw10187F (Appellant) (Respondent) Asstt. Year : 2012-13

For Appellant: Shri C.S. Agarwal, Sr. AdvocateFor Respondent: Shri Umesh Takyar, Sr. DR
Section 143(2)Section 143(3)

…97) 107 ITR 938 (SC). 8.9 It is also well settled that in the case of cash credit entry it is necessary for the assessee to prove not only the identity of the creditors but genuineness of the transaction. In C. Kant & Co. vs Commissioner Of Income-Tax (1980) 126 ITR 63 (Cal), the Hon’ble Calcutta High Court held that on whom the onus of proof lies in a particular case is a question of law . But whether the onus has been discharged in a particular case is a question of fact. 8.10 Hon’ble Kolkata High Court observed in the case of S.K. Bothra & Sons (HUF) vs. ITO (2011) 203 TAXMAN 436 (Kol) that the law is settle…

Shri Shri Niteshkumar Goyal, Raipur, Raipur (Cg) vs. The Income Tax Officer, Ward-4(4), Raipur, Raipur (Cg)

In the result, appeal of the assessee is dismissed in terms of our aforesaid observations

ITA 36/BIL/2017[2012-13]Status: DisposedITAT Raipur30 Mar 2022AY 2012-13

Bench: Shri Ravish Sood & Shri Jamlappa D Battullआयकर अपील सं. / Ita No. 36/Rpr/2017 "नधा"रण वष" / Assessment Year : 2012-13 Shri Nitesh Kumar Goyal Prop. Com Con India Net Work Solution Shop No.327 Lal Ganga, Shopping Mall, Raipur (C.G.) Pan : Aigpg6386B .......अपीलाथ" / Appellant बनाम / V/S. The Income Tax Officer Ward-4(4), Raipur (C.G.) ……""यथ" / Respondent Assessee By : Shri Prafulla Pandse, Ar Revenue By : Shri Sanjay Kumar, Dr सुनवाई क" तार"ख / Date Of Hearing :15.03.2022 घोषणा क" तार"ख / Date Of Pronouncement : 30.03.2022

For Appellant: Shri Prafulla Pandse, ARFor Respondent: Shri Sanjay Kumar, DR
Section 133(6)Section 143(3)Section 234BSection 40Section 68

…be proved prima facie by the assessee and only after the assessee has adduced evidence to establish prima facie the aforesaid the onus shifts on the department. Merely establishing the identity of the creditor is not enough." (Shanker Industries v. CIT (1978) 114 ITR 689 (Cali: C. Kant & Co., v CIT (1980) 126 ITR 63 (Cal): Prakash Textile Agency v. CIT (1980) 121 ITR 890 (Cal). 2.5 Coming to the meaning of identity, creditworthiness and genuineness the hon'ble Delhi High Court in Oasis Hospitalities Ltd has comprehensively analyzed the three conditions. In the instant case the appellant has not been able to prove…

Ramlal Chauhan, Ujjain vs. ITO2(2), Ujjain

In the result, Assessee’s appeal in ITANo

ITA 281/IND/2020[2010-11]Status: DisposedITAT Indore30 Nov 2021AY 2010-11

Bench: Shri Mahavir Prasad & Shri Manish Boradvirtual Hearing Assessment Year: 2010-11

Section 142(1)Section 144Section 148Section 69A

…isfactorily explained by the assessee, it is open to the revenue to hold that it is the income of the assessee and no further burden lies on the revenue to show that the income is from any particular source. 72. In the case of Shankar Industries v. CIT (1978) 114 ITR 689 (Cal.) the Hon'ble Calcutta High Court held that it is necessary for the assessee to prove prima facie the transaction which results in a cash credit in his books of account. Such proof of the identity of his creditor, the capacity of such creditor to advance the money and lastly the genuineness prima facie the aforesaid, the onus shifts to the d…