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2018 (4) TMI 510 - AT - Income TaxUnproved cash credits u/s 68 - no details of the loan creditors and bank statements, particularly before the date of extending loan to the assessee - Held that:- In this case, the assessee has not proved the identity, creditworthiness of the creditors and even genuineness of the transactions. In our opinion, the assessee failed to discharge burden cast upon him by filing necessary evidence before the assessing officer. Therefore, under these facts and circumstances of the case, in view of our discussion above, the A.O. rightly disallowed amounts borrowed from the loan creditors u/s 68 of the Act and the same is added in the hands of the assessee as an income from other sources. In view of the above, we reverse the order passed by the Ld. CIT(A) and this ground of appeal raised by the revenue is allowed.
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