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2022 (1) TMI 408 - AT - Income TaxAddition u/s. 68 - unexplained cash credit - assessee has failed to prove identity and creditworthiness of the alleged lenders, as well as genuineness of the transaction - HELD THAT:- As stated by the Ld. CIT(A) that the assessee has submitted all documents, all the notices issued u/s. 133(6) of the Act were duly served and replied were also filed. Further, it is stated that the correct address of M/s. Rose Mary Commercial Pvt. Ltd. was supplied and the enquiry was made at the old address. It is stated by the Ld. CIT(A) that the loan amount was taken from this party through bank route of ₹ 43,50,000/-. The turnover of these company and net worth in the opinion of the Ld. CIT(A) this party has credit worthiness for giving such loan. CIT(A) has observed that the AO failed to make any independent enquiry regarding these parties. Ld. Counsel for the assessee during the course of hearing placed reliance in the case of Kamlesh Gupta [2021 (8) TMI 1268 - DELHI HIGH COURT] - We are in agreement with finding of the CIT(A) as the assessee has provided evidences in support of its claim but no independent enquiry was made by the Assessing Officer to verify the veracity of the same. A.O. ought to have caused necessary investigation before drawing adverse inference against the assessee. Therefore, in our considered view, the Ld. CIT(A) was justified in deleting the addition. The ground by the Revenue is dismissed.
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