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2016 (5) TMI 1388 - AT - Income TaxAddition u/s 68 - unexplained cash credit - proof of genuine deposits - discharge of burden of proof - Held that:- On a careful consideration of the documents filed by the assessee and the explanations given by it, and without reference to evidences in the form of statement recorded from Shri S.K. Jain or the material seized by the investigation wing to the extent used against the assessee, we hold that the assessee has not discharged the burden of proof that lay out on it, to prove the genuineness of these cash credits as well as the creditworthiness of the share applicant companies. In view of the above discussions, the addition made by the AO u/s 68 of the Act is upheld and the order of the Ld. CIT(A) is vacated. - Decided against assessee.
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