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2023 (2) TMI 806 - AT - Income TaxUnsecured loan u/s 68 - proof of creditworthiness of creditor - discharge of the initial onus - HELD THAT:- As creditworthiness of person advancing loans is evident from the details mentioned hereinabove and only because in the year under consideration he has declared business loss of Rs.20.85 lacs which cannot lead to an inference that he had no creditworthiness to give loan to assessee more particularly when in AY 2017-18 he has declared gross total income of Rs.12,03,800/- . Hence,t is found that the assessee has made full efforts to establish the creditworthiness of the creditors by filing his return and balance sheet for the last two years. Once the assessee had discharged the initial onus then the burden shifts on the Department to counter the facts brought on record by the assessee which could not be controverted by the ld. DR during the course of hearing - Decided in favour of assessee.
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