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2018 (10) TMI 1681 - AT - Income TaxAddition u/s. 68 - unexplained cash credit - HELD THAT:- Assessee has discharged the initial onus of proving genuineness of the transactions u/s. 68. Even the assessee requested AO for issue of notices u/s. 133(6) to the lenders to find out the genuineness of the transactions with the assessee. Therefore, once the initial onus is discharged by the assessee the burden shifts to the Revenue to disprove the claim of the assessee. All the loans were taken through banking channels and the repayments for the same was also made through banking channels. AO ignored the documentary evidences submitted by the assessee and has exclusively relied on statements of third party in making the addition. In spite of request by the assessee the AO did not provide any cross-examination of the parties who have made the submissions. All these aspects have been considered by the CIT(A) and deleted the addition - Decided in favour of assessee.
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