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2016 (6) TMI 1411 - HC - Income TaxAddition u/s 68 - CIT(A) discussed each and every cash credit entry and found the advances by 13 creditors as genuine and accordingly restricted the addition made on account of unexplained cash credit - appeal preferred by the Revenue against the order passed by the CIT(A) stands dismissed by the ITAT - HELD THAT:- CIT(A) discussed the creditworthiness and genuineness of each and every individual transaction and found 13 creditors as genuine - ITAT has arrived at the finding that the assessee has established the creditworthiness of the creditors to the extent he is obliged under the law to do so. ITAT found that the creditors have accepted that they had advanced their respective credits to the assessee and also given the details of the sources of the deposit. ITAT opined that the assessee cannot be burdened with proof of 'source of source' and the cash credit cannot be held to be ingenuine by stretching the ingredients of Section 68 too far. We are of the considered opinion that the findings arrived at by the CIT(A), affirmed by the ITAT regarding identity of the creditors and creditworthiness and genuineness of the transactions remain findings of facts, which do not give rise to any substantial question of law. - Decided against revenue.
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