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2016 (12) TMI 1678 - AT - Income TaxAddition u/s 68 - unexplained cash credit - burden of proof - identity and credit worthiness of the creditors - Held that:- Tax authorities have not discharged the burden of proof shifted upon their shoulders by bringing any material on record to disprove the claim of the assessee. On the contrary, the tax authorities have merely suspected the genuineness by making certain adverse inferences. It is pertinent to note that they have not disputed the genuineness of various documents furnished by the assessee to prove the identity and credit worthiness of the creditors and genuineness of the transactions. We are of the view that the tax authorities have not discharged the burden of proof placed upon them. As noticed earlier that the Ld CIT(A) has deleted the addition pertaining to M/s ACPL, but confirmed the addition pertaining to M/s NVPL and M/s SVPL. Since we have held that the tax authorities have failed to discharge the burden of proof shifted upon them, we are of the view that they are not justified in making the addition in respect of all the three loans. Confirm the order of Ld CIT(A) in granting relief in respect of loan taken from M/s ACPL . Set aside the order passed by Ld CIT(A) in respect of loan taken from M/s NVPL and M/s SVPL and direct the AO to delete the additions relating to them. - Decided in favour of assessee
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