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2020 (1) TMI 158 - AT - Income TaxAddition u/ 68 and 69 - no satisfaction as to the identity and creditworthiness of the share applicants and the genuineness of the transaction - HELD THAT:- No clarification to the doubts in the mind of the learned Assessing Officer as to the genuineness of the identity and creditworthiness of the share applicants or genuineness of the transaction. Unless and until satisfactory answers are obtained to these questions, it would be difficult to reach a positive conclusion as to the identity and creditworthiness of the share applicants and the genuineness of the transaction. Merely because the assessee was successful in completing the paperwork very meticulously or bringing into existence certain documents, the statutory obligation of the authorities does not get absolved merely because the assessee produced certain documents. It is incumbent on the authorities to verify the genuineness of such documents also in the light of the attending circumstances. Having regard to the facts and circumstances of the case we are not satisfied in this case that the Ld. CIT(A) appreciated the facts and circumstances in their proper perspective before reaching the impugned conclusions basing on the document as produced by the assessee. We accordingly find it difficult to sustain the findings of the Ld. CIT(A). Consequently, the impugned order is set aside and the order of the learned Assessing Officer is restored. - Decided in favour of revenue
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