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2024 (2) TMI 1339 - ITAT SURATAddition u/s 68 - unexplained cash credit - Onus to prove - HELD THAT:- We note that assessee has sufficient evidence and document to prove the claim and for that assessee also submitted bank statement and cash-flow statement, which clearly shows the availability of cash balance. Assessee has submitted relevant documents and evidence to prove his claim and Assessing Officer has not made any adverse finding in any of these documents even though all the details were furnished by the assessee before Assessing Officer. AO ought to have examined all these documents and rebutted them with a cogent adverse findings and discernable line of reasoning in order to arrive at conclusion and to make addition on account of unexplained cash credit. We also find merit in the submission of the assessee that since assessee is not maintaining books of accounts, therefore addition made by the AO u/s 68 of the Act, is not tenable. Therefore, we note that AO has just brushed aside the documents and evidences submitted by the assessee, without even a word on why they are not acceptable. It is a well settled law that when assessee has all plausible evidence in support of his claim, they cannot be brushed aside on surmise and conjecture. Hence, we are not inclined to accept the contention of the Assessing Officer in any manner and hence the addition so made is deleted. Hence, this ground of assessee is allowed.
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