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2019 (6) TMI 850 - AT - Income TaxAddition u/s 68 - unexplained cash credit as the assessee failed to prove the identity and creditworthiness of the lender - HELD THAT:- It is well settled that in order to discharge the onus u/s 68, the assessee must prove the following:- (i) the identity of the creditor, (ii) the capacity of the creditor to advance money; and (iii) the genuineness of the transaction. After the assessee has adduced evidence to establish prima facie the aforesaid, the onus shifts to the department. In the instant case, though the onus shifted to the department, the AO has failed to make necessary enquiry to reject the contentions of the assessee. - Decided against revenue.
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