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2020 (2) TMI 561 - AT - Income TaxAddition u/s 68 - Unexplained cash credit - AO observed that, assessee had invested a huge sum of money in booking of flats and properties although he was merely a salaried employee - HELD THAT:- As perused the confirmation, Voter ID card, PAN card, Ledger account of Prem Kumar and affidavit of Sh. Sushil Kumar Yadav alongwith Cash Flow Statement and Statement of account of Raghuveer Sharma with Omaxe and others. Assessee has also filed a letter of Omaxe for transfer of property in the name of buyers; copy of passport of Sh. Vinod Kumar Khera; Allotment letter of plot to the assessee by Omaxe; confirmation from Shri SK Bothra alongwith his income tax return, confirmation, voter ID card and other documentary evidences for establishing the identity and genuineness of transactions. In the last, have also thoroughly perused the documentary evidences in the shape of Paper Book and assessee has established the creditworthiness and genuineness of transaction which require u/s. 68 of the Act and by establishing his onus. Addition in dispute is not sustainable in the eyes of law, because the assessee has discharged his onus u/s. 68 of the Act and therefore, the addition in dispute is hereby deleted.
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