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2019 (4) TMI 692 - AT - Income TaxAddition u/s 68 - unsecured loans and interest thereon - as alleged assessee failed to prove the identity, creditworthiness and genuineness - CIT-A deleted the addition - HELD THAT:- During the course of assessment proceedings upon being called upon by the AO the prove the transactions, the assessee filed the copies of the confirmation, affidavits of the parties, their IT returns, balance sheets and bank statements evidencing all the transactions with the assessee. Even notices issued to these five parties under section 133(6) were duly responded by the lenders with all requisite details evidencing the transactions. CIT(A) considering all these aspects and various judicial decisions came to the conclusion that assessee has proved all the three ingredients as envisaged under section 68 of the Act and deleted the addition by reversing the order of AO. After considering the facts on record vis-à-vis the order of the CIT(A), we are of the considered view that in the present case there is no scope for doubting these transactions as assessee has proved beyond doubt the identity of the parties, capacity and creditworthiness of the parties and genuineness of the transactions. - Decided against revenue
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