TMI Blog2023 (2) TMI 28X X X X Extracts X X X X X X X X Extracts X X X X ..... he grounds taken, it is held that the AO had validly initiated proceedings by way of issue of notice u/s 148. Commissioner not only considered the factual aspects of the case, while deciding the validity of the initiation of the reassessment proceedings, but also taken into consideration various judgments, and also the amended provisions of Section 147 consequently, we are inclined not to interfere in the conclusion drawn by the learned Commissioner qua initiation of reassessment proceedings and issuance of notice u/s 148 of the Act. Addition u/s 68 - It appears clearly from the orders passed by the authorities below that the Assessee has failed to prove its primary onus lies on it, to prove the identity of the creditor, creditwor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Hence in the constrained circumstances, we are inclined to decide this appeal as ex parte. 3. In this case the Assessee by filing its return electronically on 8.10.2010, declared its income at Nil, which was processed on 29.08.2011 u/s 143(1) of the Act. Subsequently, based on the information received from Asstt. Director of Income-tax (Inv.)-2, Kanpur and further verification, the notice u/s 148 of the Act was issued to the Assessee on 29.3.2017. On the basis of the STR and verification of the return of the Assessee it was opined by the AO that there were sufficient reasons to believe that an income of Rs. 3,71,73,228.90 has escaped from assessment. On being asked, the Assessee filed relevant documents and replies. After considerin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... replies filed by the appellant held that the appellant has not been able to prove the genuineness of the transactions and invoked provisions of section 68 of the Act and brought to tax Rs.2,63,53,166/- as unexplained cash credit in the hands of the appellant company. It is settled law that if any credit is found in the books of the accounts of the assessee, the primary onus lies on the assessee to prove the identity of the creditor, creditworthiness of the creditor and genuineness of the transaction. In the case under consideration, the appellant has failed before the AO during the assessment proceedings to prove that the credit entries were genuine. The AO has given detailed reasons for making the addition by treating the amount of Rs.2,6 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... otice u/s 148 of the Act. 7. Coming to the merit of the case it appears clearly from the orders passed by the authorities below that the Assessee has failed to prove its primary onus lies on it, to prove the identity of the creditor, creditworthiness of the creditor and genuineness of the transaction. Further, the Assessee also failed to substantiate its grounds of appeal qua merits of the case, before the learned Commissioner, therefore, the learned Commissioner in the constrained circumstances, affirmed the addition of Rs. 2,63,53,766/- made by the AO u/s 68 of the Act. Even we do not find any material or reason to controvert the findings of the Ld. Commissioner. Consequently, we are inclined to uphold the order impugned. 8. In the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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