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2009 (7) TMI 874 - AT - Income TaxUndisclosed income - Cash Credit - satisfactory explanation - additions under section 68 - the explanation of the assessee in the present' case is that all these creditors are income-tax assessees and their PANs have been given along with their copy of bank account as well as proof of filing returns of income for the year, under consideration as well as preceding years, Whether by filing these evidences, it can be said that the assessee had discharged the initial burden laid upon him under section 68 - Held that:- ample evidences were produced by the assessee to discharge the initial burden. The AO has not brought any material on record to show that the explanation filed by the assessee was, in any manner, unsatisfactory. The evidences filed by the assessee remain unnrebutted. Therefore, addition could not be made under s. 68 of the Act .
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