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2019 (3) TMI 1244 - ITAT DELHIAddition u/s 68 - unsecured loans and advances - lender companies ignored summon issued to them u/s 131 - genuineness of the transaction - discharge on initial onus - In spite of several opportunities neither did the assessee produce the Principal Officers of the three lender companies in spite of summon issued to them u/s 131 - HELD THAT:- Assessee has filed copy of Income Tax return, Bank Account confirmed copy of account from its books of accounts, bank statement and copy of Form 16A to prove the fact that assessee has deducted TDS on interest payment to the aforesaid party. When assessee has duly discharged its initial onus by proving the identity of the creditors by filing their copy of ITR, Bank Accounts, the addition u/s 68 of the Act cannot sustain merely on the ground that assessee has failed to produce them despite issuance of summons u/s 131 of the Act. In Dy. Commissioner of Income Tax vs. Rohini Builders ROHINI BUILDERS. [2001 (3) TMI 9 - GUJARAT HIGH COURT] decided the identical issue in favour of the assessee that when assessee has discharged initial onus lay on it in terms of Section 68 by providing their complete address, bank statement and the assessee has also proved on record confirmed copy of account of his creditors from its books of account, bank statement and copy of form 16A showing that assessee has deducted TDS on interest payment to the creditors addition u/s 68 of the Act is not sustainable. More over assessee has established the identity and creditworthiness of the creditors as well as genuineness of the transaction by bringing on record the fact that the loans in question were taken and repaid through banking channel and TDS thereon was duly deducted and all the three creditors were assessed to Income Tax.- Decided in favour of assessee.
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