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2022 (12) TMI 222 - AT - Income TaxAddition u/s 68 - assessee had deposited the cash in the Bank A/c - genuineness and creditworthiness of the transaction not proved - as submitted that the amounts received towards construction of Flats and not as income. Since the assessee cannot do any business and was not doing any business, the amount cannot be treated as income of the society - HELD THAT:- Since the amounts in question are not cash credits, the creditworthiness of the creditors is not required to be established. We find force in the submissions of the Learned Counsel for the Assessee. Assessee discharged its onus by proving the genuineness of the Members by filing confirmations before the Ld. CIT(A). Once the assessee furnishes sufficient documents and explanations, it is on the onus of Department to verify the same and act accordingly. Authorities below can summon the Members if they are not appeared on the request of assessee society, but, the authorities below cannot demand the assessee society to prove the source of the source which is one of the conditions stipulated under section 68 itself. There are plethora of judicial decisions on this issue. We, therefore, set aside the orders of the authorities below and delete the addition made by the A.O. and confirmed by the Ld. CIT(A). Appeal of assessee are allowed.
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