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2012 (8) TMI 384 - AT - Income TaxUndisclosed cash credit - Assessee received unsecured loans from three parties through account payee cheques – Held that:- Assessee has discharged the initial burden of proving identity, genuineness of transactions and also creditworthiness of the three creditors by producing their respective bank accounts. Entry in the pass book of a third party can be taken as a primary evidence in proof of the fact that loan was advanced by third party - initial onus shifts onto the Revenue to prove that the creditors lack creditworthiness and to come to such conclusion, the assessee cannot be asked to produce any evidence which is within the personal knowledge of the third party - AO did not examine the parties and proceeded on the assumption that creditors would not have saved any money to advance the loan - it is not a fit case to make addition u/s 68 of the Act
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