Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (11) TMI 1234 - ITAT DELHIAddition on account of unexplained cash credit u/s. 68 - identity, creditworthiness etc. of the shareholders or the genuineness payment - HELD THAT:- The documents filed were stated to be the audited balance sheet; Memorandum of Association of the company; names of the shareholders; bank details of the year under consideration of Bank of India, Bahadur Shah Zafar Marg, New Delhi showing three transactions during the year under reference; ledger account of audit fee payable, audit' fees,' bank charges, payment to Image Dresses Private Limited etc. The documents filed by the assessee do not satisfy the requirement of law as per section 68 of the Act as no evidence has been submitted regarding the identity, creditworthiness etc. of the shareholders or the genuineness payment to Image Dresses Private Limited. The assessee has not produced any evidence except computer generated ledger account in support of it's contention. No bank details, documents evidencing the identity and the creditworthiness of the share holders, identity of Image Dresses Private Limited etc have been submitted either during the course of appellate or assessment proceedings. Therefore as rightly held by the Ld. CIT(A) that the assessee has not been able to submit any evidence in support of his contention that the addition made by the AO was incorrect. In view of the same the contention of the assessee was not accepted. - Decided against assessee.
|