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2019 (10) TMI 631 - AT - Income TaxAddition u/s. 68 on account of unexplained cash credit - HELD THAT:- The assessee has also not produced any credible evidence so that the creditworthiness of the share applicants can be proved. In view of this, we are of the opinion, that the assessee could not satisfy the one of the ingredients as envisaged in Section 68 for discharging his liability. Even before us also the assessee could not bring any cogent material that the assessee has fulfilled the ingredients of the provisions of Section 68 of the Act. The other contention of assessee is with regard to applicability of proviso to Section 68 of the Act effective from 01.04.2013. On careful perusal of both the assessment and appellate order, we do not find that any of the authorities below have questioned about the source of source to the assessee so as to apply the proviso to Section 68 of the Act. When the assessee itself unable to produce any documents viz. balance sheets, profit and loss account, etc. during the assessment proceedings, the AO has left no option but to hold that the creditworthiness of the investing company namely M/s On Track Trading Ltd. is not proved by the assessee resulting into adding the same u/s.68 of the Act, to which the CIT(A) has upheld the same. - Decided against assessee.
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