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2022 (5) TMI 1095 - AT - Income TaxAddition u/s 68 - onus to prove - addition made on Non discharge of identity of the creditors, genuineness of the transactions and creditworthiness of the creditors - HELD THAT:- In the present case, the assessee has discharged a burden by proving identity of the creditors, genuineness of the transactions and creditworthiness of the creditors. Therefore, the Ld. CIT(A) by considering all the facts and circumstances of the case, the addition is deleted. Recently, the Hon’ble Bombay High Court in Income Tax Appeal in the case of PCIT vs. Ami Industries (India) P. Ltd. [2020 (2) TMI 269 - BOMBAY HIGH COURT] has considered the decision of the Hon’ble Supreme Court in the case of PCIT v. NRA Iron & Steel (P) Ltd. [2019 (3) TMI 323 - SUPREME COURT], and observed that the first appellate authority had returned a clear finding of fact that assessee had discharged its onus of proving identity of the creditors, genuineness of the transactions and credit worthiness of the creditors which finding of fact stood affirmed by the Tribunal. There is, thus, concurrent findings of fact by the two lower authorities, we confirmed the order of the Tribunal. In present case, the relevant assessment year is 2012-13, which is pre-amendment period to the first proviso to section 68 of the Act introduced by Finance Act, 2012 w.e.f. 01.04.2013 as well as the assessee has placed on record the name, address, PAN, confirmations and genuineness of the transaction through banking channel, thereby, the ld. CIT(A) has deleted the addition made under section - Decided in favour of assessee.
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