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2019 (9) TMI 291 - AT - Income TaxUnexplained cash credit u/s 68 - assessee could not prove the basic condition i.e. identity of the actual loan creditor; genuineness of the source, and capacity / credit worthiness of the creditor - HELD THAT:- Assessee has shown the transaction with Mr. Ramesh Havele and later had modified its case that the loan was received from Mr. Prafulla Anil Madiwale. The onus was on the assessee to establish and fulfill all the three conditions of section 68 which have not been fulfilled. In any case, the creditor is not person of means and the plea of receiving money and advancing the same cannot be accepted at face value. Accordingly, we remit this issue back to the file of AO, who shall carry out necessary verification and the assessee is directed to fulfill the conditions laid down in section 68 of the Act to establish its case. The assessee is also directed to produce Mr. Ramesh Havele, as Summons issued by Assessing Officer had remained un-complied. Further, Assessing Officer may summon Mr. Prafulla Anil Madiwale, as the facts of the present case are peculiar and require verification. Reasonable opportunity of hearing shall be given to the assessee and the Assessing Officer is directed to decide the issue in accordance with law. The grounds of appeal raised by Revenue are thus, allowed.
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