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2017 (11) TMI 463 - HC - Income TaxAddition u/s 68 - discharge the onus cast upon of proving identity and creditworthiness of the creditors and genuineness of transaction - ITAT deleted the addition - Held that:- Tribunal correctly held that Primary burden lies on the assessee has been discharged by filing the requisite evidences before the Assessing Officer and shifted on the Assessing Officer to disprove the cash creditors’ transactions are not genuine or bogus. The share application money was received by the appellant and subsequently returned though banking channel. In case of 7 companies, the notices were served on it on given addresses. There is no evidence directly or indirectly with the Assessing Officer that the assessee had routed undisclosed money in the guise of share application money or loan. DR’sargument have also not convinced us that these parties were in accommodation entries in form of loan and share application money after charging certain commission as such no survey/search has been carried out on the creditors to prove that these companies are habitual to provide loan/share application money even there is no evidence with the ld DR for making such allegation during the course of written submissions. - Decided in favour of assessee.
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