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2018 (12) TMI 1659 - ITAT MUMBAI
Addition u/s 68 - unexplained cash credit - HELD THAT:- CIT(A) has examined the documents furnished by the assessee and has come to the conclusion that the assessee has discharged the initial burden of proof placed upon his shoulders u/s 68 i.e., he has proved the identity of the creditor, creditworthiness of creditor and genuineness of transactions. Once the assessee discharges the initial burden placed upon him, then the onus shifts to the shoulder of the AO to prove otherwise.
In the instant case, we notice that the AO has failed to prove that the documents furnished by the assessee are wrong. The above view is supported by the decision rendered by the co-ordinate bench in the case of Reliance Corporation [2017 (5) TMI 1261 - ITAT MUMBAI] . Hence we do not find any infirmity in the order passed by CIT(A) on this issue and accordingly uphold the same. - Decided against revenue.