2020 (12) TMI 70 - ITAT MUMBAI - Income Tax

Head Note / Extract:
Addition u/s 68 - unsecured loans from individuals, HUF and companies - CIT-A deleted addition holding that the assessee has proved the genuineness of transaction by filing confirmation, PAN, return of income, bank statements etc. - Whether assessee has failed to establish the genuineness of the transactions in question? - HELD THAT:- In the present case, there is no evidence on record, to conclude that the amounts of loans in question actually belonged to the assessee and were introduced in the books of account in the name of the creditors. In our considered view, the assessee has discharged the onus of establishing identity and creditworthiness of the lenders and the genuineness of transactions. AO has not pointed out any evidence to rebut the contention of the assessee that the transactions are genuine. In our considered view, the facts of cases relied upon by the revenue are different from the facts of the present case, therefore not applicable to the present case. Hence, we do not find any infirmity in the order passed by the Ld. CIT (A) to interfere with - Decided against revenue.