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2023 (2) TMI 118 - AT - Income TaxAddition u/s 68 - unexplained cash credit - Unsecured Loans available during the year under consideration - HELD THAT:- There is no dispute to the fact that the assessee has discharge his onus by furnishing the details about the loan parties which can be verified from the paper book. It is pertinent to note that no inquiry has been conducted by the AO from the loan parties despite having requisite details of the loan parties and having power under the statue. Assessee by furnishing the details as discussed above has discharged his onus cast u/s 68 of the Act upon it. As such, the onus shifted upon the revenue to prove the contention/details filed by the assessee based on the documentary evidence. However, what we find is this that the revenue has not pointed out any flaw in the details filed by the assessee. As regard to principles laid down in the case of NRA Iron & Steel Pvt. Ltd. [2019 (3) TMI 323 - SUPREME COURT] we note that the facts are distinguishable from the present facts of the case. We hold that no addition is warranted in the given case under the provisions of section 68 - Accordingly, we set aside the finding of the CIT-A and direct the AO to delete the addition made by him. Appeal of the assessee is allowed.
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