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2019 (12) TMI 1259 - AT - Income TaxUnexplained cash credit u/s 68 - Unexplained cash credit - Scope of primary onus - HELD THAT:- In the case of NRA Iron & Steel (P.) Ltd. [ 2019 (3) TMI 323 - SUPREME COURT ] the issue for consideration is where share capital/premium is credited in the books of account of the assessee-company, the onus of proof is on the assessee to establish by cogent and reliable evidence the identity of the investor companies, the creditworthiness of the investors and genuineness of the transaction to the satisfaction of the Assessing Officer. As mentioned earlier, there are deposit and withdrawal of the same amounts, leaving meagre balance in the account of M/s Prime Properties Pvt. Ltd. and no balance in the accounts of the assessee-company. Therefore, relying on the ratio laid down by the Hon’ble Supreme Court in NRA Iron & Steel (P.) Ltd. (supra), we set aside the order of the Ld. CIT(A) and restore the matter to the file of the AO to make an order afresh, after giving reasonable opportunity of being heard to the assessee. We direct the assessee to file the relevant documents/evidence before the AO. - Decided in favour of assessee.
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