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2019 (12) TMI 1197 - ITAT INDOREAddition u/s 68 - Documentary evidences to prove identity, genuineness and creditworthiness of the cash creditors - HELD THAT:- Looking to the fact that the evidence to the best possible extent have been filed by the assessee to explain the cash creditors and the revenue authorities were competent enough to proceed against the cash creditors if they were not satisfied with statement on oath given by the cash creditors. It is clear that the assessee has proved all the ingredients of section 68 of the Act in order to clear the burden of proof. The onus thus shifted on the Revenue to rebut which remained unfulfilled. The persons advanced the loan are man of means and nearly 70% of loan creditors are assessed to tax and the remaining are agriculturists having sufficient agricultural land to earn agricultural income. The affidavit has been filed by all the cash creditors and this fact cannot be disputed. It is also brought to a notice that the alleged loans accepted through account payee cheque were repaid in a month time, has not been disputed by the revenue. AO was made a case of capital building since loans were repaid within a month. Sufficient material placed on record by the assessee during the course of hearing before both the lower authorities and before us including the statement on oath taken by the Ld. AO and other documentary evidences referred hereinabove, are of the considered view that assessee had proved identity, genuineness and creditworthiness of all the cash creditors beyond doubt for which impugned addition u/s 68 - Appeal of the Revenue stands dismissed.
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