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2017 (11) TMI 312 - AT - Income TaxAddition u/s 68 - initial onus to discharge evidence - identity, creditworthiness and genuineness of the subscribers - Held that:- The evidence on record in support of the identity, creditworthiness and genuineness of the subscribers as examined and reported by the Assessing Officer does not contain any material which could be stated to be false, factitious or otherwise contrived. As agreeing with the arguments of the assessee that in terms of case laws including Nova Promoters & Finlease Pvt. Limited [2012 (2) TMI 194 - DELHI HIGH COURT] Assessing Officer has shifted back the initial onus discharged by the assessee with repudiatory evidence and materials the assessee cannot be visited with adverse consequence u/s 68 of the Act. I find that no such material has been brought on record by the Assessing Officer to displace the evidence marshalled by the assessee. In the circumstances the addition as sustained by the CIT(A) in a sum of ₹ 47 lakhs u/s 68 of the Act is unsustainable and the same is directed to be deleted. Accordingly, all the three Grounds raised by the assessee are allowed.
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