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2018 (4) TMI 403 - HC - Income TaxAddition u/s 68 - assessee could not produce satisfactory material to establish the identity of the share applicants or the genuineness of the transaction as well as their creditworthiness - ITAT confirmed CIT's order deleting the addition - Held that:- When the assessee has brought on record all the documents necessary to establish the creditworthiness of the creditors and genuineness of the transaction and the AO has not preferred to file any comment, we find no scope to interfere into the findings returned by ld. CIT(A). Moreover, perusal of the assessment order also goes to prove that the AO has not even preferred to summon the parties to make compete enquiry so as to establish the creditworthiness of the creditors and genuineness of the transactions. - Decided in favour of assessee.
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