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2018 (3) TMI 1402 - AT - Income TaxUnexplained credits u/s 68 - share application received - Held that:- The assessee has not furnished any supporting evidence to explain the sources. By way of confirmation letters, the assessee may have been able to provide identity of the transactions but has failed to prove the creditworthiness of the parties as well as the genuineness of the transactions, particularly when both the parties are not Income Tax Assessee and the payments are made in cash. The CIT (A) has clearly brought out that the assessee did not submit the details of the mode of payment by these two persons and that neither their identity nor the creditworthiness nor the genuineness of the transactions is proved. No reason to interfere with the order of the CIT (A) on this issue and the addition is confirmed. - Decided against assessee.
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