Establishment of identity of creditor, creditworthiness of creditor and genuineness of transaction

RELEVANT PARAGRAPH 5. I have carefully considered the argument of both the sides and perused the material placed before me. It is a settled law that the onus is upon the assessee to prove the cash credit in his books of account. To discharge such onus, the assessee has to prove – (i) the identity of the creditor, (ii) the creditworthiness of the creditor, and (iii) genuineness of transaction. It would depend upon facts of each case whether all the above three ingredients to discharge the onus have been proved by the assessee or not. Before evaluating the evidences produced by the assessee, i...