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2013 (12) TMI 834 - HC - Income TaxAddition u/s 68 - creditworthiness and the genuineness of the transactions - Held that:- it is the satisfaction of the Assessing Officer but not of the Commissioner of Income Tax (Appeals). - Admittedly, the so-called creditors were not before the Assessing Officer nor any affidavit or any document was collected from those persons. Therefore, the creditworthiness of those persons is not established. This condition is one of the element of proof and this proof has to be produced and established by the assessee at the first instance. - . By merely filing bank account details of the alleged creditors, it is not enough to hold that the assessee has satisfied the above ingredients of Section 68 of the Act. - Decided against the assessee.
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