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2020 (11) TMI 870 - AT - Income TaxAddition u/s 68 - Unexplained cash credit - assessee argued that he has repaid the loan taken - HELD THAT:- CIT(A) has analysed entire facts relating to the case, considered the arguments of the assessee and has estimated the agricultural income in a meticulous way. We notice that no material was placed before us to show that the estimate made by Ld CIT(A) is not correct. Instead, the assessee is placing reliance on the returns of income filed by Shri Prabhulingappa subsequent to passing of assessment order, which has been held to be an afterthought by Ld CIT(A). We are of the view that the Ld CIT(A) was justified in taking the above said view in the facts and circumstances of the case. A.R submitted that the assessee has repaid the loan taken from Shri Prabhulingappa subsequently. It is well settled principle that the repayment of cash credit would not prove the genuineness of cash credit. It is the responsibility of the assessee to prove three main ingredients, viz., identity of the creditor, credit worthiness of creditor and genuineness of the transaction. In the instant case, the assessee has failed to prove the credit worthiness fully and also the genuineness of the transactions. Accordingly, in the facts and circumstances of the case, we are of the view that the Ld CIT(A) has taken a reasonable view of the matter - Decided against assessee.
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