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2017 (4) TMI 865 - AT - Income TaxAddition u/s 68 - proof of identity, creditworthiness and genuineness - Held that:- Though the assessee had produced the PAN, Bank details, ITR, balance sheet of the creditor company to substantiate the unsecured loan of ₹ 27.5 lacs received by it, however, it was not able to produce the creditor before the AO particularly, in view of the fact that the AO was not able verify the information furnished. The inspector had given a report that no company existed at the given address. The onus shifted back to the assessee after such report of the inspector had come. The said onus was not discharged by the assessee and the primary requirements of identity, creditworthiness and genuineness could not be conclusively established as required under section 68 of the Act. The documents available with the AO could not be ignored as they reveal the modus operandi of the working particularly in the case of the assessee, as to how with the help of a middleman, cash was first deposited into M/s Transnational Growth Fund Pvt. Ltd. and thereafter to the assessee company through RTGS. In the face of such incriminating documents evidencing the accommodation entry, we find no merit in the present appeal. - Decided against assessee.
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