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2014 (5) TMI 811 - AT - Income TaxCash credit - Addition made on loan raised – Genuineness of transaction - Held that:- The assessee produced all creditors before the AO and their statements were recorded on oath - The disputed creditors also supported the version of the assessee by filing their affidavits and other documents explaining the source of amount which was provided to the assessee as loan wherein the creditors have duly affirmed the transaction with the assessee - the primary onus on the assessee to prove the nature and source of cash credits was discharged by the assessee and further onus was shifted on the revenue to bring out relevant and cogent material on record for not accepting such cash credit as shown by the assessee - the AO has made a subjective remark about the creditworthiness of the creditors but no positive material has been brought on record by him for not accepting the cash credit shown by the assessee - the assessee has shown source of cash creditors and the creditors came forward to the desk of the Assessing Officer to support the version of the assessee by way of giving statement of oath and also submitted the affidavits and other relevant documents, explaining the circumstances and source of amount given to the assessee as loan – revenue has not brought any relevant or cogent material to establish any doubt about the truthfulness of the creditors - the addition made cannot be sustained – Decided in favour of Assessee.
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