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2017 (7) TMI 253 - AT - Income TaxAddition u/s 68 - unexplained cash credits - AIR information received by the Revenue - proof of creditworthiness of the creditors and genuineness of the transaction - Held that:- Out of the creditors, though 7 creditors were produced before Assessing Officer and their statements have been recorded under section 131 of the Act, but the creditors were having only meagre income and have failed to produce any cogent and reliable evidence of source of their income. None of the creditors were maintaining any bank account, therefore, mere recording of the statement and filing acknowledgement of ITR would not be sufficient to prove the creditworthiness of the creditors and genuineness of the transaction in the matter. The evidence and material produced on record are not sufficient to discharge the onus upon assessee to prove creditworthiness of the creditors and genuineness of the transaction in the matter. The learned Accountant Member was, therefore, right in this approach in confirming all the additions made by the Assessing Officer. Learned Accountant Member was, therefore, justified in reversing the order of the Id. CIT (Appeals) and confirming order of the Assessing Officer - Decided against assessee.
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