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2016 (7) TMI 950 - ITAT DELHIAddition u/s 68 - addition based on report of investigation wing - Held that:- AO has made addition merely based on the investigation carried out by the investigation wing from the order of the Ld. assessing officer without bringing out any material evidence against the assessee and not confronting assessee with that material. Contrarily evidences produced by the assessee of stalwart Realtors Limited of loan given of ₹ 46 lakhs, which is supported by the bank statement of the lender, was not anyway found false or an accommodation entry. In view of this, we reverse the finding of the CIT (A) and are of the view that appellant has discharged its onus cast upon him under section 68 of The Income Tax Act by proving the identity, creditworthiness and genuineness of the transactions and therefore the addition of ₹ 46 lakhs of loan received by it from M/s Stalwart realtors private limited cannot be added into the hands of the assessee under section 68 of the Income Tax Act, 1961. On the above factual aspects, we delete the addition made by the Ld. assessing officer. - Decided in favour of assessee.
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