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2021 (6) TMI 889 - ITAT MUMBAIReopening of assessment u/s 147 - Addition u/s 68 - assessment was reopened based on the information furnished by Investigation Wing, Mumbai that the assessee had introduced unaccounted money in the form of loan creditors - Assessee has not satisfactorily proved the genuineness of the transactions and identity of the creditors. Lenders have only meagre incomes and therefore the Assessing Officer treated the transactions as not genuine since ingredients of section 68 of the Act have squarely attracted in this case - HELD THAT:- On a perusal of the Assessment Order we observed that except stating the creditworthiness of the creditors cannot be relied on merely because they have shown loss return, no conclusive evidences were brought on record to show that the loan amount credited in the Books of Accounts of the assessee is nothing but unaccounted money of the assessee. As the assessee has discharged its initial onus of proving the identity, genuineness and creditworthiness of the creditors by providing all necessary details as stated in earlier paragraphs and thus the assessee has proved identity, genuineness and creditworthiness of the creditors. The Assessing Officer has not controverted the evidences furnished by the assessee. No further enquiries have been made by the Assessing Officer to disprove the evidences furnished by the assessee. What is discussed above and in view of the evidences furnished by the assessee, we are of the view that the assessee has discharged his onus of proving the identity, genuineness and creditworthiness of the creditors and fulfilled the requirement of ingredients of section 68 of the Act. Thus, the addition made u/s. 68 of the Act without any enquiry is liable to be deleted. Thus, we direct the Assessing Officer to delete the addition made u/s. 68 - Decided in favour of assessee.
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