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2021 (6) TMI 843 - AT - Income TaxAddition u/s 68 - failure to establish the identity and creditworthiness of the three companies from whom the assessee had receive application money - HELD THAT:- In the present case, the assessee has furnished each and every detail of the share applicant companies in response to the queries raised by the AO during the assessment proceedings and even during the appellate proceedings. In our considered view the assessee has prima facie discharged the onus of establishing identity and creditworthiness of the aforesaid three companies and further in establishing the genuineness of the transaction. Since, the assessee has discharged the primary onus, we find merit in the contention of the Ld. Counsel that the Ld. CIT(A) has wrongly affirmed the action of the AO and conformed the addition made u/s. 68 - So far as the cases relied upon by the department are concerned, the same are distinguishable on facts and the evidence on record. We therefore, set aside the impugned order passed by the Ld. CIT(A) and allow the appeal of the assessee. Accordingly, we direct the AO to delete the addition made u/s.68. Appeal of the assessee is allowed.
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