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2017 (11) TMI 740 - HC - Income TaxAddition under Section 68 - proof of creditworthiness and the genuineness of the transaction - Held that:- We find that in the present case, the appellant assessee has not proved any of the aforesaid conditions of Section 68 of Act. It is noticed by the Tribunal that though the confirmation letters from the creditors are placed but no supportive evidence to prove the identity of the creditors or their creditworthiness and genuineness of the transaction is placed. The Tribunal therefore, has held that since the assessee has failed to prove the primary condition of provisions of Section 68 merely confirmation letters can not substantiate the genuineness and creditworthiness as well as the identity of the creditors. The decisions which are cited by the appellant before the Tribunal are duly considered and the Tribunal has found that the cited decisions are not applicable to the facts of the case of the appellant. It is further noticed by us that neither before the CIT (Appeals) nor before the Tribunal the appellant has furnished any evidence to prove the identity of the creditors, their creditworthiness and the genuineness of the transaction in the matter. In our opinion, the Tribunal had taken all the relevant facts into consideration and the conclusion arrived by the Tribunal that the loans represented the assessee's income from undisclosed sources was not perverse or unreasonable. - Decided against assessee.
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