Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (3) TMI 1598 - AT - Income TaxAddition u/s 68 - loan received by the assessee from five loan creditors - HELD THAT:- As sustained the loan obtained from the remaining three loan creditors amounting to ₹ 18,50,000/-. The assessee that he has filed all the details before the lower authorities and proved the identity and credit worthiness of the loan creditors and genuineness of the loan transaction. DR, on the other hand, states that the assessee has not filed the requisite details to substantiate the credit worthiness of the loan creditors and genuineness of the transaction. It is the settled proposition of law that for allowing any loan credit as genuine, the assessee has to substantiate with evidence to the satisfaction of the AO regarding the identity and credit worthiness of the loan creditor and genuineness of the transaction. Appropriate to restore the issue to the file of the AO with a direction to grant one final opportunity to the assessee to substantiate with evidence to his satisfaction regarding the fulfillment of the above three conditions in terms of the provisions of section 68 - Appeal filed by the assessee is allowed for statistical purposes.
|