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2021 (11) TMI 742 - AT - Income TaxBogus LTCG - Addition u/s 68 - onus to prove genuineness of the transactions - HELD THAT:- As relying on MR. ANIL AGRAWAL (HUF) , MUMBAI VERSUS DCIT-CENTRAL CIRCLE-3 (4) , MUMBAI [2021 (4) TMI 1252 - ITAT MUMBAI] impugned additions are not sustainable in the eyes of law. The assessee had discharged the primary onus of establishing the genuineness of the transactions whereas the onus as casted upon revenue to corroborate the impugned additions by controverting the documentary evidences furnished by the assessee and by bringing on record, any cogent material to sustain those additions, could not be discharged by the revenue. The whole basis of making additions is third-party statement and no opportunity of cross-examination has been provided to the assessee to confront these parties. As against this, the assessee’s position that that the transactions were genuine and duly supported by various documentary evidences, could not be disturbed by the revenue. Hence, going by the factual matrix and respectfully following the binding judicial precedents as enumerated in the order, the additions made by Ld. AO and confirmed by Ld. CIT(A), are not sustainable - Decided in favour of assessee.
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