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2019 (2) TMI 1718 - ITAT MUMBAIAddition u/s. 68 - unexplained cash credit as the assessee failed to prove the identity, creditworthiness and genuineness of the said loan - genuineness of the claim, identity and creditworthiness of the lender - HELD THAT:- CIT(A) has took into the note of the reply of the assessee in which it was found that in response to the notice u/s.133(6) of the Act, the assessee filed the explanation in view of the letter dated 03.12.2015 in which it was certain evidence was filed such as the lender’s confirmation, copy of ITR and balance sheet and copy of his bank statement. The case of the assessee was examined on the basis of genuineness of the claim, identity and creditworthiness of the lender. AO raised the addition only on the basis of the information given by the Investigation Wing. AO nowhere conducted the inquiry on the basis of the information given by the Investigation Wing. Moreover, we noticed that the loan was repaid to M/s. Falak Trading Co. Pvt. Ltd. and in this regard the evidence lies at page 18 and 19 of the paper book. - Decided in favour of the assessee.
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