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2019 (4) TMI 1368 - ITAT CHENNAIAddition u/s 68 - assessee failed to establish the claim of loan for introducing the capital - HELD THAT:- Assessee has not filed any material to establish the identity of the creditors, creditworthiness of the creditors and genuineness of transaction. When the assessee claims that he borrowed unsecured loan for introducing the capital, it is the obligation of the assessee to establish the identity of the creditors, creditworthiness of the creditors and genuineness of the transaction. Since the assessee failed to establish the above requirements, the CIT(Appeals) has rightly confirmed the addition made by the Assessing Officer. Tribunal do not find any reason to interfere with the order of the lower authority and accordingly the same is confirmed. Disallowance of expenses for non-production of bills / vouchers - HELD THAT:- Assessee has not discharged the primary obligation / onus by supporting necessary material. With regard to payment of interest and depreciation, CIT(Appeals) directed the AO to verify and if it is actually found correct, it may be allowed. This Tribunal is of the considered opinion that payment of interest and depreciation on written down value of the machinery can be very well ascertained by the assessee from the respective banks. CIT(Appeals) has rightly directed the AO to verify and if it is found correct, it has to be allowed. Therefore, this Tribunal do not find any reason to interfere with the order of the lower authority and accordingly the same is confirmed. Disallowance of current liabilities - HELD THAT:- Assessee has not filed any evidence before the Assessing Officer as well as the CIT(Appeals) to establish that the liabilities were discharged during the year under consideration. In the absence of any material, the CIT(Appeals) has rightly confirmed the addition made by the Assessing Officer. Therefore, this Tribunal do not find any reason to interfere with the order of the lower authority and accordingly the same is confirmed. - Decided against assessee.
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