GST Helpdesk   Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
GST - Acts GST Rules SGST - Acts GST Rates CGST Notif. SGST Notif. Customs Tariff Exempt Income Salary income
Extracts
Home List
← Previous Next →

2017 (4) TMI 865 - ITAT DELHI

2017 (4) TMI 865 - ITAT DELHI - TMI - Addition u/s 68 - proof of identity, creditworthiness and genuineness - Held that:- Though the assessee had produced the PAN, Bank details, ITR, balance sheet of the creditor company to substantiate the unsecured loan of ₹ 27.5 lacs received by it, however, it was not able to produce the creditor before the AO particularly, in view of the fact that the AO was not able verify the information furnished. The inspector had given a report that no company ex .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

dleman, cash was first deposited into M/s Transnational Growth Fund Pvt. Ltd. and thereafter to the assessee company through RTGS. In the face of such incriminating documents evidencing the accommodation entry, we find no merit in the present appeal. - Decided against assessee. - ITA No. 1427/Del./2016 - Dated:- 15-3-2017 - SHRI B.P. JAIN, ACCOUNTANT MEMBER For The Assessee : Sh. B.L. Mittal, Advocate For The Revenue : Ms. Bedobina Chaudhari, Sr. DR ORDER PER B.P. JAIN, ACCOUNTANT MEMBER: 1. Tha .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

2. Aggrieved by the order dated 24.03.2014, the assessee went in appeal before the CIT(A). The addition under section 68 of ₹ 28,83,163/- was confirmed and the disallowance of ₹ 58,580/- was deleted vide order dated 07.12.2015. 3. The assessee is in appeal before us against the order dated 07.12.2015 and has raised the following grounds of appeal:- 1. The Order of the Hon ble Commissioner of Income tax (Appeals), Faridabad upholding the Order of the Ld. Assessing Officer (AO) i. e. .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

leave to add , alter, amend, modify, substitute, delete any of the ground(s) of appeal at or before the time of the final hearing of the appeal, if necessary. 4. The assessee during the relevant A.Y. had received ₹ 27,50,000/- from M/s Transnational Growth Fund Ltd. It is revealed from the record that the said company is a part of Sh. Surendra Kumar Jain Group of companies. A search and survey action was carried out in the case of the said group and various incriminating material pertainin .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

s between the appellant and the investor companies have been made through banking channels. He further submits that the assessee had discharged its onus by providing the copies of confirmation letter, ITR, Bank statement, PAN Card of the creditor. It is submitted that the creditor company is not a mere paper company and holds reserves and surplus including the share capital to the tune of ₹ 113 crores. The Ld. AR has placed reliance upon various case laws including the judgment of the Hon& .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ame of the creditor existed at the address given by the assessee. Moreover, the assessee despite opportunity given was not able to produce the creditor before the AO. 7. We have heard the rival submissions, perused the record and the judgments relied upon by the parties. Though the assessee had produced the PAN, Bank details, ITR, balance sheet of the creditor company to substantiate the unsecured loan of ₹ 27.5 lacs received by it, however, it was not able to produce the creditor before t .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

olio Pvt. Ltd., ITA No. 134/2012 dated 21.12.2012 under similar circumstances, the Hon'ble Delhi High Court held as under: An assessee s duty to establish that the amounts which the proposes to add back, u/s 68 are properly sourced, does not cease by merely furnishing the names, addresses and PAN particulars, or relying on entries in a Registrar of Companies website. One must remember that in all such cases, more often than not, the company is a private one, and persons from whom loans have .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

s. That apart, the concept of shifting onus does not mean that once certain facts are provided, the assessee s duties are over. If on verification, or during proceedings, the AO cannot contact the cash creditors, or that the information becomes unverifiable, or there are further doubts in the pursuit of such details, the onus shifts back to the assessee. At that stage, if it falters, the consequence may well be an addition u/s 68 9. Moreover, in the present case, the documents available with the .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

Promoters & Finlease (P) Ltd., 342 ITR 2012, would be useful wherein it was held as under: The ratio of a decision is to be understood and appreciated in the background of the facts of that case. So understood, it will be seen that where the complete particulars of the cash creditors such as their names and addresses, income tax file numbers, their creditworthiness, share application forms and share holders' register, share transfer register etc. are furnished to the Assessing Officer an .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version