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2018 (8) TMI 1776 - AT - Income TaxAddition u/s 68 - receipt of accommodation entries - search by the Investigation Wing - proof of identity of creditors - HELD THAT:- Assessee had placed on record to prove the genuineness of the loan entries from the six creditors in the shape of i) PAN details of creditors, ii) Constitution and address of the creditors, iii) Particulars of income-tax returns filed by the creditors iv) Confirmatory letters given by the creditors, v) Audited financial accounts (including balance sheets) of the creditors, vi) Relevant bank statements of the creditors, vii) Details of interest paid to the creditors and viii) Details of TDS deducted and paid. In this way, the assessee has provided all possible documentary evidence to prove the identity of the creditors from whom the impugned loan was obtained. All the loans as were obtained were also repaid through the banking channel regarding this, a duly notorised affidavit was filed by the assessee and the details of which are already contained in para no. 6.3.12 of the order of Ld. CIT(A). Even otherwise, it is a settled law that once the assessee discharges its onus by proving the satisfactory nature of the loan transactions, then the onus shift upon the AO and in his wisdom, the AO has option of making inquiries from the alleged lenders - No reasons to interfere into or deviate from the findings recorded by the Ld.CIT(A). - Decided in favour of assessee.
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