Under section 68 question is essentially of discharge of onus toward proving facts

IT : Under section 68 question is essentially of discharge of onus toward proving facts, based on positive materials, so that it is only proper and in order that either party furnishes to other all material it relies upon
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[2014] 50 taxmann.com 128 (Mumbai - Trib.)
IN THE ITAT MUMBAI BENCH 'A'
Angel Pipes & Tubes (P.) Ltd.
v.
Income-tax Officer- 5 (1) (1), Mumbai*
SANJAY ARORA, ACCOUNTANT MEMBER
AND VIVEK VARMA, JUDICIAL MEMBER
IT APPEAL NOS. 405 & 1424 (MUM.) OF 2012
[ASSESSMENT YEAR 2008-09]
AUGUST  13, 2014
Section 68 of the Income-tax Act, 1961 - Cash credit (Burden of proof) - Assessment year 2008-09 - Whether revenue is not required to, in invoking section 68, disprove a credit; it is sufficient if it can exhibit a basis for its non-satisfaction with assessee's explanation inasmuch as said discretion is exercised judicially - Held, yes - Whether while making addition under section 68 revenue can rely upon statements recorded under section 131 where and to extent they purport to clarify and elucidate facts - Held, yes - Whether under section 68 question is essentially of discharge of onus towards proving facts, based on positive materials, so that it is only proper and in order that either party furnishes to other all materials it relies upon - assessee toward establishing facts qua genuineness of credits; Revenue in repudiating same; assessee again in rebutting same, so on and so forth, so that a final decision is taken upon consideration of emerging factual matrix - Held, yes [Paras 4.1 & 5] [Matter remanded]