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2020 (9) TMI 1048 - AT - Income TaxAddition u/s 68 - Unexplained cash credit - whether credit was a genuine home loan from M/s. Gourav Rose Real Estate Pvt. Ltd (GRREPL) and all the supporting documents were produced and the department failed to prove otherwise? - HELD THAT:- Assessee had discharged its onus to prove the identity, creditworthiness and genuineness of the lender, thereafter the onus shifted to AO to disprove the documents furnished by assessee and it cannot be brushed aside by the AO to draw adverse view which omission on the part of AO cannot be countenanced. In the absence of any investigation, much less gathering of evidence by the Assessing Officer, we hold that addition cannot be sustained merely based on inferences drawn by statement of ex director - Decided in favour of assessee.
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