TMI Blog2021 (7) TMI 298X X X X Extracts X X X X X X X X Extracts X X X X ..... Securities and Services Ltd has furnished its complete Income tax details alongwith documents furnished by it to the Registrar of Companies. It is not the case of the AO that the assessee has purchased cheque by paying cash nor it is the case of any accommodation entry, nor there is any allegation or suspicion on the documentary evidences furnished by the assessee which are part of the record. The only reason we find is the non-appearance of the Director before the AO In a case where a sum is credited in the books of account of the assessee, the assessee could discharge its onus by proving three things, namely - The identity of the creditor, The credit-worthiness of the creditor, and The genuineness of the transaction in question. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nder company alongwith all documents relating to its Income tax status. 6. In order to verify the genuineness of the loan transaction, the Assessing Officer issued summons u/s 133(6) of the Act at the address given by the assessee. However, the said notice was returned back by the postal authorities. Thereafter, summons u/s 131 were issued at the address given by the assessee and the summons were duly served, but no response was received by the Assessing Officer. 7. Thereafter, the Assessing Officer deputed an Income Tax Inspector for making field inspection and the Inspector, in his report, submitted that M/s Arti Securities and Services Ltd has left the premises. The Assessing Officer once again issued summons u/s 131 of the Act and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rvices Ltd has furnished its complete Income tax details alongwith documents furnished by it to the Registrar of Companies. 12. We find that it is not the case of the Assessing Officer that the assessee has purchased cheque by paying cash nor it is the case of any accommodation entry, nor there is any allegation or suspicion on the documentary evidences furnished by the assessee which are part of the record. The only reason we find is the non-appearance of the Director before the Assessing Officer. 13. We are of the considered view that in a case where a sum is credited in the books of account of the assessee, the assessee could discharge its onus by proving three things, namely, a) The identity of the creditor b) The credit-wor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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