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2017 (5) TMI 1412 - AT - Income TaxAddition u/s 68 - proof of creditworthiness of the creditor and genuineness of the transaction - Held that:- Though, the assessee filed copy of the confirmation and copy of the election card of the creditor which may prove identity of creditor but the assessee failed to prove creditworthiness of the creditor. The creditor has no explanation of source of the cash deposited in his bank account Form (J) were filed before the Ld.CIT(A) showing sale proceeds of agricultural produce but these were also not sufficient to prove the creditworthiness of the creditor because after excluding the expenses incurred for earning agricultural income and household expenses , nothing would be left with the creditor because only Form (J) were filed for ₹ 5,73,843/- only in which also Ld.CIT(A) found certain defects. No other evidence has been produced to prove creditworthiness of the creditor. Assessee failed to produce the creditor before the AO for examination in order to find out the truth in the matter, therefore, the assessee deliberately withhold the creditor to be produced before the AO for examination. If the assessee was interested in producing the creditor for examination by the income tax authorities, the assessee should have made a request to the Ld.CIT(A) in this respect, therefore, the facts remained that the assessee could not produce sufficient evidences before the authorities below to prove creditworthiness of the creditor and genuineness of the transaction in the matter. - Decided against assessee.
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