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2020 (10) TMI 614 - AT - Income TaxAddition u/s 68 towards unexplained share application / share premium - sworn statement accepted the factum of giving accommodation entries and creditworthiness of the lender as well as genuineness of transaction was not proved - CIT-A deleted addition - HELD THAT:- The assessee prima-facie has complied with the ingredients required u/s 68 of the Act of genuinity, identity and creditworthiness. The CIT(A) relied on the Catena of judicial decisions in his order and has test checked the creditworthiness and identity of shareholders and came to a reasonable conclusion that the assessee has discharged its burden on submitting the information. A.O has failed to make further enquiries and relied only on statement of the key person, which was retracted subsequently. We found the order of the CIT(A) is a reasoned and logical order, where the CIT(A) has dealt on the facts, provisions of law and Judicial decisions and applied the Ratio of decisions to the present case and deleted the addition. DR could not controvert the findings of the CIT(A) with any new cogent evidence. - Decided against revenue.
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