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2016 (3) TMI 505 - AT - Income TaxAddition under Section 68 - bank statement and ITR of the lender were not submitted - Held that:- On going through order of ld AO. we found that merely because the assessee could not file the bank account statements and income Tax returns of lender company, the addition has been made. When assessee has submitted the confirmation of the company which is having PAN and assessed to income tax the account also shows the receipts by the cheques and in subsequent years, loans of this company was accepted by AO. On submission of confirmation by the assessee ld AO did not make any further inquiry u/s 131 of 133 (6) of the act which he did in subsequent years and satisfied himself about the identity, creditworthiness and genuineness of the transaction which could also have been done in this year too. But Ld AO did not do so. Further the provisions of section 68 does not prescribe the specified documents which and assessee is required to lay down before AO to prove identity, creditworthiness and genuineness of amount credited in the books of accounts , it is left upon assessee to satisfy the assessing officer with the substantial evidence/ documents for discharging his onus. Therefore merely because the bank statement an ITR of the lender were not submitted, in spite of submitting balance sheet and profit and loss account of the company, confirmation stating its PAN and also transactions are through account payee cheques and in absence of any inquiry, we are of the view that no addition can be made in the hands of the assessee under Section 68 of the Act of this amount. - Decided in favour of assessee
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