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2024 (1) TMI 1035 - ITAT MUMBAIAddition u/s. 68 - onus to prove the capacity, credit worthiness of the loan givers and genuineness of the said loans - CIT - A deleted addition as categorically held that assessee has discharged his onus cast upon him u/s 68 by proving the identity and creditworthiness of the lender along with genuineness of the transaction by producing the confirmation, Ledger, bank statement of the lender and the income tax returns - HELD THAT:- In the present case before us the assessee officer has not made any enquiry unlimited submitted by the assessee but has simply relied upon the statement recorded by the investigation wing which were subsequently retracted. And even those statements along with the opportunity of cross-examination of the persons making statement was not allowed to assessee. In view of this, we are not in a position order of the AO. The assessee has also produced the evidence of repayment of loan. Thus, initial onus is discharged by the assessee. AO has not thrown back the onus of the above three ingredients back on the assessee by making adequate enquiry or throwing back the evidences available and also granting assessee and a point unity of cross-examination. Therefore the CIT - A has held that assessee has discharged initial onus cast upon section 68 of the act which has not been discredited by the assessing officer by making adequate enquiry and further the assessing officer has violated the provisions of the principles of natural justice by not granting the evidences available with the AO for making evidence and not granting an opportunity of cross examination of the statement of the persons used by the AO. Nothing was shown to us that the order of CIT-A is not sustainable. Accordingly we confirm the order of the learned CIT – A in deleting the addition u/s 68 of the income tax act by the assessing officer. Decided in favour of assessee.
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