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2015 (9) TMI 446 - AT - Income TaxUnexplained cash credits u/s.68 - Held that:- CIT(A) while accepting loan to the tune of ₹ 48,40,992/- in respect of 4 persons sustained the addition of ₹ 10,08,079/- which is the difference between the figures shown by the assessee and the figures as per the loan confirmation letters filed before the AO by the above 4 parties. Therefore, the order of the CIT(A) sustaining the difference of ₹ 10,08,079/- is upheld. Now coming to the balance amount of ₹ 84,99,237/- taken from the 5 parties, it is a fact that despite letters issued by the AO, the above loan creditors did not respond to such letters during the remand proceedings. It is the settled position of law that for accepting any cash credit, the onus is always on the assessee to substantiate with evidence regarding the identify and credit worthiness of the loan creditor and the genuineness of the transaction. In the instant case, although the assessee has filed certain confirmations, however, the fact remains that the credit worthiness of those loan creditors has not yet been proved.since the Ld. Counsel for the assessee made a plea that given an opportunity the assessee is in a position to produce the loan creditors before the AO with documentary evidence to his satisfaction regarding the credit worthiness of the loan creditors, therefore, we in the interest of justice, deem it proper to restore the issue to the file of the AO with a direction to give one more opportunity to substantiate with evidence to his satisfaction regarding the credit worthiness of the loan creditors for the loan of ₹ 84,99,237/-. The assessee is directed to produce the parties before the AO for his examination. - Decided partly in favour of assessee for statistical purposes.
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