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2024 (2) TMI 986 - ITAT RAIPURAddition u/s 68 - unexplained cash credits - Onus to prove - CIT(A) deleted addition - CIT(A) recorded his satisfaction regarding the discharge of onus by the assessee w.r.t. substantiating the main ingredients as mandated under the provisions of section 68 i.e. identity and creditworthiness of the creditor and genuineness of the transaction - HELD THAT:- Such view of CIT(A) found to be against the facts of the case since the requisite documents to establish the prerequisite elements of section 68 like confirmation, ITR, bank statement, financials, complete address of the creditor are not made available by the assessee either to the AO or before the Ld. CIT(A). In view of such facts and circumstances, it is incomprehensible to concur with the decision of the CIT(A). In view of such facts the observations of Ld. AO cannot be rejected at threshold, in absence of submission of requisite documents pertaining to the alleged creditor by the assessee having primary onus to satisfy the AO according to the provisions of section 68, who is supporting its contentions only by producing certain internal documents and bank statements. While deciding this issue, we rely upon the judgment of Raja Kaimoor Breweries Private Limited [2024 (2) TMI 455 - ITAT RAIPUR] wherein the assessee was failed in producing necessary details before the Ld. AO, therefore, in absence of such details / evidence the addition made u/s 68 was sustained. Substance in the observations and findings of CIT(A) to be concurred with, specifically in a situation wherein the assessee company had squarely failed in discharging the onus cast upon it to provide essential information/ documents and evidence in the form of confirmation, ITR, bank statement & financials of the creditor and to produce the creditor before the AO for witness if so required, which is the prime responsibility of the assessee to establish the identity and creditworthiness of the creditor, consequently, the genuineness of transaction. Accordingly, the order of CIT(A) is set aside, and the addition made by the Ld. AO u/s 68 is upheld. Decided against assessee.
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