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2017 (3) TMI 326 - ITAT DELHIAddition u/s 68 - unsecured loan received treating the same as unexplained cash credit - Held that:- Both the depositors were having the sufficient amount in their bank account and only a nominal amount was deposited in cash before issuing the cheques to the assessee, so it cannot be said that amount was deposited before issuing of the cheques to the assessee. In the present case, identity of both the parties is not in dispute, their creditworthiness is also proved because there was sufficient balance in their bank accounts, the genuineness of the transaction is also proved since the transaction took placed through banking channel and both the depositors are regularly assessed with the income tax department. Therefore, the assessee discharged the onus cast upon it for proving the identity and creditworthiness of the depositors alongwith the genuineness of the transaction. Therefore, the addition made by the AO and sustained by the ld. CIT(A) was not justified. - Decided in favour of assessee
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