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2022 (4) TMI 1501 - AT - Income TaxAddition u/s 68 - cash credit unexplained as neither the identity nor creditworthiness of the six parties, which are benami concerns was proved - onus to prove - HELD THAT:- Before us, the Ld. counsel submitted that AO has not asked any further documents or rejected the document placed on record. We find that this observation of Counsel is not correct. The learner Assessing Officer issued notice u/s133(6) of the Act, but there was no compliance on the part of the unsecured loan party. The Ld. CIT(A) has also noticed that Assessing Officer asked that assessee to produce those unsecured loan parties, but assessee failed in doing so. We are of the opinion that assessee failed to discharge his onus required in terms of section 68 of the Act. The finding of the Ld. CIT(A) on the issue in dispute is accordingly set aside and addition in dispute made by the Assessing Officer is hereby sustained. The grounds of the appeal of the Revenue are accordingly allowed. Validity of Assessment u/s 153C - essential condition of material belonging to person other than the searched person - HELD THAT:- As in the instant case before us the assessee has not established that the material found from the search in the case of Sh Shirish C Shah belongs to the assessee. During the course of the search in the case of Sh Shrish Shah, he stated to have been engaged in providing bogus accommodation entries through the companies controlled by him including M/s Secunderabad Healthcare Private Limited. The DCIT, central circle found that said entity has given accommodation entry of the loan to the assessee and accordingly he provided said information to the Assessing Officer. This fact is evident from the reasons recorded by the Assessing Officer reproduced in the assessment order For invoking the provision of section 153C of the Act during relevant time the prime condition of material belonging to third/other person was to be fulfilled as held by the Hon’ble Supreme Court above in Sinshad Technical Education Society [2017 (8) TMI 1298 - SUPREME COURT] In view of the above discussion, the cross objection of the assessee accordingly dismissed.
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