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2017 (12) TMI 1348 - AT - Income TaxUnexplained cash credits u/s 68 - Ingenuity of claim - onus to prove the claim - Held that:- In the present case the issue involved is relating to the genuineness of the loans received by the assessee which is required to be explained by the assessee in terms of section 68. The onus, in this regard, is on the assessee to establish the identity as well as the capacity of the concerned creditors and genuineness of the relevant loan transactions. Keeping in view the voluminous documentary evidence placed on record by the assessee in the form of income tax returns and final accounts of the concerned creditors, these loan confirmations and bank statements, thus the onus is satisfactory discharged by the assessee and the authorities below are not justified in treating the loans in question as unexplained on some flimsy grounds and by applying the test of human probabilities which, in my opinion, is not relevant in the facts of the case. Therefore, delete the addition made by the A.O. and confirmed by the Ld. CIT(A) under section 68 on account of loans taken by the assessee from the concerned four creditors by treating the same as unexplained and allow this appeal of the assessee
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