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2022 (10) TMI 606 - ITAT DELHIAddition u/s 68 - unsecured loans received by the assessee company from it’s Associate companies - onus to prove - HELD THAT:- When the assessee has proved the initial onus lay upon it by proving the creditworthiness and genuineness of the transaction in the matter, addition cannot be made under section 68 - Since the Revenue could not bring out any adverse or cogent material to dispute the creditworthiness of the creditors and genuineness of the transaction in the matter or the amount received by the assessee company was in fact from coffers of the assessee company, no addition could have been made in the hands of the assessee treating the same as unsecured loans under section 68 - We decline to accept the reasoning recorded by the Ld. CIT(A) while confirming the part addition made in the hands of assessee with regard to two creditors - Allow the grounds of assessee and direct the A.O. to delete the entire addition confirmed by the Ld. CIT(A).
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