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2022 (5) TMI 597 - ITAT DELHIAddition u/s 68 - assessee did not furnish any supporting evidence to establish the identity and creditworthiness of the parties from whom loan was availed - none of the ingredients of section 68 could be satisfactorily established by the assessee, before the learned First Appellate Authority, assessee furnished certain additional evidences and sought admission of them under Rule 46A - HELD THAT:- Additional evidences sought to be furnished by the assessee are mostly its own documents and must be internally available with the assessee. The assessee has not furnished any satisfactory explanation why such documents could not be furnished in course of assessment proceedings. As rightly observed by learned Commissioner (Appeals), assessee cannot adduce any additional evidence as a matter of right. The assessee has to explain satisfactorily why such evidence could not be furnished in the earlier proceedings. In the facts of the present appeal, assessee has failed to furnish any such cogent explanation. Therefore, learned Commissioner (Appeals) was justified in rejecting the additional evidences. As regards the merits of the issue, the material available on record clearly reveal that the assessee did not furnish any evidence which can either prove the identity and creditworthiness of the creditors or the genuineness of the loan transaction. That being the factual position emerging from record, no relief can be granted to the assessee. Thus, we do not find any valid reason to interfere with the decision of learned Commissioner (Appeals) on the issue. Grounds are dismissed.
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