TMI Blog2015 (10) TMI 590X X X X Extracts X X X X X X X X Extracts X X X X ..... in the assessee-company. Moreover, the assessee has received depositors through banking channel, therefore, its nature cannot be doubted. Since the assessee has placed all the relevant evidence to prove the genuineness of the transaction and creditworthiness & identity of the creditors, addition under section 68 of the Act is not called for. We have also carefully perused the judgments referred to by the assessee and we find that it has been repeatedly held that once the assessee has discharged his onus of proving the creditworthiness & identity of the creditors and genuineness of the transaction, no addition under section 68 of the Act is called for. In the light of these judicial pronouncements, we are of the view that the ld. CIT(A) has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th the Income Tax Officer 6(2), Kanpur, the Assessing Officer found out the address of the said company. Accordingly the Income Tax Inspector was asked to visit the Chairman of the said company, Shri. Brahma Nand Sharma to make necessary enquiries about the activities and details of the company. In response thereto, it was stated by Shri. Brahma Nand Sharma that the company is being run by his son, Shri. Subhang and activities being carried out from Kolkata. 3. Accordingly, a letter under section 133(6) of the Act was written to M/s Shubhang Exports Ltd., 203, Sarad Bose Road, Kolkata requiring to furnish certain documents, but the Assessing Officer did not receive any reply and he thereafter issued a summon to Shri. Brahma Nand Sharma f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent to the ACIT and other relevant documents before the ld. CIT(A). The ld. CIT(A) confronted all these evidence to the Assessing Officer. It was also stated before the ld. CIT(A) that the assessee has furnished confirmation, PAN, bank accounts, balance sheet of M/s Shubhang Exports Ltd. showing loan advanced by them through cheque, but the Assessing Officer has not provided the copy of the Inspector s Report to the assessee on the basis of the ADIT has reported to the Assessing Officer. Accordingly, a remand report was sought from the Assessing Officer and in the remand report, the Assessing Officer has mainly relied upon the findings given in the assessment order. The ld. CIT(A) re-examined the issue in the light of materials placed befor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nominal and meager amount. About the address of the company at Kolkata sufficient evidences have been furnished by the appellant. The so called report of the Inspector referred in the report of ADIT, Kolkatta has neither been made available to the appellant nor it has been attached with the remand report dated 07-02-2013 and represented accommodation entries and the depositor was only a paper company. Other submissions made by the appellant with regards to onus, enquiries made by u/s 133 (6) and various case laws fully support the case of the appellant. The appellant has thus furnished adequate and sufficient evidences discharging their onus in proving the identity, genuineness of transactions and creditworthiness of the depositor. Relianc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... liance upon the order of the Assessing Officer; whereas the ld. counsel for the assessee, besides placing reliance upon the order of the ld. CIT(A), has submitted that the assessee has furnished confirmation, bank statement, balance sheet of the creditors and all other relevant evidence in order to prove the genuineness of the transaction and creditworthiness identity of the creditors. Since the assessee has discharged the primary onus, which lays upon it, addition under section 68 of the Act is not called for. In support of his contention, the ld. counsel for the assessee has placed reliance upon the following judgments:- 1. CIT vs. Orissa Corporation Pvt. Ltd., 159 ITR 78 (SC). 2. CIT vs. Ranchhod Jivabhai Nakhava, 208 Taxman 35 ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... undisputedly the Inspector s report submitted to the ADIT, Kolkata was not furnished to the assessee, therefore, the assessee could not make his comments thereon. It is also undisputed fact that the creditor was assessed to tax as his PAN and assessment order were furnished before the Assessing Officer. Moreover, the balance sheet and profit and loss account of the creditors were also furnished and from the balance sheet, it has been established that the creditors were having sufficient balance to make deposit in the assessee-company. Moreover, the assessee has received depositors through banking channel, therefore, its nature cannot be doubted. Since the assessee has placed all the relevant evidence to prove the genuineness of the transact ..... X X X X Extracts X X X X X X X X Extracts X X X X
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