Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (5) TMI 923 - AT - Income TaxUnexplained credits in the books of account u/s 68 - CIT(A) deleted the addition - Held that:- AO denied opportunity of being heard for the assessee and the CIT(A) wrongly shifted onus on the revenue authorities and misunderstood the meaning of onus with regard to section 68 of the Act. Hence, we are of the considered opinion that the issue of share application money was not adjudicated by the lower authorities as per provisions of section 68 of the Act and as per ratio and proposition laid down in the case of CIT vs MAF Academy P. Ltd. (2013 (12) TMI 13 - DELHI HIGH COURT) wherein it was held that the onus to prove genuineness, creditworthiness and identity of the transaction is on the assessee and mere production of incorporation details, PAN or income tax returns may not be sufficient when surrounding and attending facts predicate a cover up. Therefore, restore the issue to the file of AO for de novo adjudication only on the issue of alleged share application money after affording due opportunity of hearing for the assessee - Decided in favour of revenue for statistical purposes.
|