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2015 (12) TMI 379 - AT - Income TaxUnexplained cash credit u/s 68 - CIT(A) deleted the addition - Held that:- In view of the decision of Hon’ble Delhi High Court in the case of Nova Promoters & Finlease (P) Ltd. ( 2012 (2) TMI 194 - DELHI HIGH COURT) and in the case of Empire Buildtech Pvt. Ltd. (2014 (2) TMI 135 - DELHI HIGH COURT), unless all the three ingredients for invoking section 68 are fully satisfied, addition cannot be deleted merely on the ground that the identity had been established. We find that in order to establish the creditworthiness the assessee had claimed that the investor company was assessed to tax. However, as rightly pointed out by ld. CIT(DR), the investor had returned income of ₹ 530/-. Therefore, it is necessary that what was the source of investment of the investor has to be clearly brought on record. Mere filing of return cannot establish the creditworthiness.Therefore, we restore this matter to the file of AO to provide one more opportunity to assessee to establish the genuineness and creditworthiness of M/s Well Wish Credits Pvt. Ltd., as requested by ld. counsel for the assessee. Decided in favour of revenue for statistical purposes.
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