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2018 (10) TMI 354 - AT - Income TaxAddition on account of disallowance of expenses - Held that:- AO noted that assessee has only income from FDR which is taxed under the head “Income from Other Sources”. Therefore, expenses were not allowed. The Ld. CIT (A) on the same reason dismissed the appeal of the assessee. During the course of arguments, the assessee did not point out any infirmity in the orders of the authorities below. Since, income is earned under the head “Income from Other Sources”. Therefore, assessee shall have to prove that expenses have been incurred on account of earning of interest on FDR. However, no evidences have been produced by the assessee before the authorities below. Even no arguments are made before us. Ground of appeal of the assessee is dismissed. Undisclosed sources u/s 68 - Held that:- Initial burden upon the assessee to prove identity of the investors, their creditworthiness and genuineness of the transaction have been discharged by the assessee. AO thereafter, did nothing in the matter, therefore, no addition could be made against the assessee. Therefore, it is not a fit case to remand matter to the CIT(A). We are, therefore, of the view that assessee proved identity of the investors, their creditworthiness and genuineness of the transaction in the matter. Therefore, no addition could be made against the assessee. We, accordingly, set aside the orders of the authorities below and delete the addition.
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