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2023 (3) TMI 983 - AT - Income TaxUnexplained cash credits u/s 68 - transaction between assessee company and Mr. Devi Singh Rawat. unexplained - Whether assessee has duly discharged the burden by establishing identity creditworthiness and genuineness of the transaction? - HELD THAT:- AO has not brought any evidence or materials to controvert the answers given by Mr. Devi Singh Rawat before the Assessing Officer, on oath. We are of the view that transaction amounting to Rs.15,00,000/- between Mr. Devi Singh Rawat and the assessee company regarding sale of property by the assessee is explained satisfactorily and Revenue has failed to make a case for the aforesaid addition of Rs.15,00,000/-. Revenue has also failed to bring any evidence or any materials on record to disprove the testimony of Mr. Devi Singh Rawat given before the Assessing Officer on oath. In view of the foregoing, we direct the Assessing Officer to delete the aforesaid addition of Rs.15,00,000/- in respect of transaction between assessee company and aforesaid Mr. Devi Singh Rawat.
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