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2014 (4) TMI 751 - ITAT MUMBAIAddition u/s 68 of the Act – Unexplained cash credits and expenses – Onus to prove the genuineness - Held that:- The onus is upon the assessee to prove the identity and creditworthiness of the lenders as well as the genuineness of loans - the assessee has not been able to prove the proper identity and creditworthiness of the lenders except in the case of Ms. Jalpa K. Shah - CIT(A) rightly observed that the assessee has shown loans to the extent of Rs.57 lakhs out of which only the loan of Jalpa K. Shah was proved with the help of confirmation letter and the for balance amount provisions of section 68 are attracted - the assessee has not raised any specific ground with regard to the validity of enhancement of income except merely contesting on merits that the CIT(A) is not justified in holding that the balance amount is assessable to tax u/s 68 of the Act - no material was placed to contradict the findings of the CIT(A) and also no material was filed to prove the genuineness and creditworthiness of the creditors – thus, there is no infirmity in the order of the CIT(A) – Decided against Assessee.
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