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2022 (9) TMI 770 - AT - Income TaxAddition u/s 68 - treating genuine unsecured loans as accommodation entry/unexplained cash credit - Reopening of assessment initiated against assessee - onus to prove - HELD THAT:- It is well settled that onus is on the assessee to prove the identity and creditworthiness of the creditor and genuineness of the transaction. In the present case, the very fact that M/s Navkar Diamonds, was owned and controlled by Shri Bhanwarlal Jain and his sons, which are held to be an accommodation entry provider in their own case, cast doubt on the genuineness of the transaction. Further, financial position of M/s Navkar Diamonds, as noted above, also raise doubts about the creditworthiness of the lender. Even during the hearing before us, no evidence has been brought on record to controvert any of the information received from the investigation wing of the income tax department, on the basis of which the reassessment proceedings were initiated in the case of the assessee. We find no infirmity in the impugned order passed by the learned CIT(A). Further, no evidence has been brought on record to show that plea of the assessee, as raised was denied by the Revenue. As a result, grounds No. 1 and 6, raised in assessee‟s appeal, are dismissed.
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