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2017 (7) TMI 921 - HC - Income TaxAddition of unexplained cash credits under Section 68 - counsel submits that farmers has given a statement that the cash was received by them from friends and relatives and the payments was made to the Assessee Firm - proof of genuineness of the Transactions and existence of the transactions - Tribunal deleted the addition - Held that:- Appeal can only be entertained on substantial question of law. The Assessing Officer has given a report, which states that the genuineness of the farmers is established. They have given a statement that as the sale transactions was cancelled, they have collected the amount from friends and relatives and paid to the Respondent-Assessee. The said amount is not disputed by those farmers. The genuineness of the creditors and existence of the transactions is established. The initial burden on the assessee has been discharged. There was no reason to doubt the genuineness of the cash credit. The Commissioner and the Tribunal have arrived at a concurrent finding with regard to the said fact. - Decided in favour of assessee.
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