TMI Blog2016 (3) TMI 505X X X X Extracts X X X X X X X X Extracts X X X X ..... e act which he did in subsequent years and satisfied himself about the identity, creditworthiness and genuineness of the transaction which could also have been done in this year too. But Ld AO did not do so. Further the provisions of section 68 does not prescribe the specified documents which and assessee is required to lay down before AO to prove identity, creditworthiness and genuineness of amount credited in the books of accounts , it is left upon assessee to satisfy the assessing officer with the substantial evidence/ documents for discharging his onus. Therefore merely because the bank statement an ITR of the lender were not submitted, in spite of submitting balance sheet and profit and loss account of the company, confirmation stating ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ld not submit the income tax return and bank statement of the lender and, therefore, the Assessing Officer made addition under Section 68 of the Act. The assessee carried the matter before the Commissioner of Income Tax (Appeals) who deleted the addition. Therefore, the Revenue is in appeal before us. 3. Learned Sr. Departmental Representative submitted that the assessee did not file income tax return and bank statement of the lender and the addition has been made by the Assessing Officer as assessee failed to prove creditworthiness of the lender. He vehemently supported the order of the Assessing Officer. 4. Ld AR submitted that the assessee has submitted before the Assessing Officer the confirmation, permanent account number, audite ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f this company was accepted by AO. learned Commissioner of Income Tax (Appeals) has dealt the issue in its appeal order as under: 5. I have gone though the above submissions of the appellant and have perused the AD's order and considered the facts and evidences on records and other judicial pronouncements on the issue. On going through the assessment records I found that during the course of assessment proceedings vide letter dated 13.12.2011 the appellant filed the confirmation, PAN number and the audited balance sheet and Profit and Loss Account and the cash flow statement of the creditor company who had given loan to the appellant. From the perusal of balance sheet it is further noticed That Zodiac.com Solutions P. Ltd. th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... explain the credits appearing in its books of accounts. In the said case the appellant has duly explained the said credit entries in the form of various documentary evidences. The said documentary evidence contained details, which set out not only the identity of the subscribers, but also gave information, with respect to their address, as well as, PAN, etc. Based on these facts, the Hon'ble Delhi Court dismissed the appeal of revenue. 5.2 It is seen from the AD's order that no enquiry was conducted to examine l the contents of the information filed by the appellant. It is also seen that the AD has not brought any material on record to show that the information filed by the appellant is not genuine. Further nothing adverse has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... AD deserves to be deleted. In a result the appeal is allowed. 6. Learned Departmental Representative could not find any infirmity in the order of the learned Commissioner of Income Tax (Appeals). Before AO it is evident that the assessee has discharged its onus cast upon him under Section 68 of the Act by submitting the confirmation stating name, address, permanent account number of the lender and also annual accounts of the depositor company. There is no inquiry made by the Assessing Officer on submissions of these details. Merely non filing of bank account or income tax return of the lender it cannot be said that assessee could not prove creditworthiness of the lender when from the balance sheet it appears that it the lender ..... X X X X Extracts X X X X X X X X Extracts X X X X
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