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2014 (6) TMI 252 - AT - Income TaxDeletion made u/s 68 of the Act – Unexplained unsecured loan – Onus to prove - Held that:- Following Commissioner of Income-Tax, Orissa Versus Orissa Corporation Pvt. Limited [1986 (3) TMI 3 - SUPREME Court] - merely because the assessee could not produce the creditors, adverse inference cannot be drawn against the assessee - there was no effort made to pursue the so called alleged creditors - the assessee not only produced the confirmation of the creditors, their permanent account numbers but also the copy of their assessment order and bank accounts - there were certain fresh evidences furnished before the CIT(A), he called for the remand report from the Assessing Officer. The assessee produced the confirmation, copy of bank account, copy of income tax return of the creditors and, on verification by the AO by calling the information u/s 133(6) and also through the Inspector of Income-tax, no adverse material was found - merely because the creditors were not produced by the assessee, it cannot be said that the assessee was not able to discharge the onus of proving the cash credit which lay upon him - the assessee has discharged the initial onus of proving the cash credit which lay upon him – Decided against Revenue.
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