Addition of cash credits u/s 68 - Once the PAN and confirmation ...

Taxpayer's Burden Met with PAN and Confirmation; AO Must Prove Loan's Genuineness u/s 68 of IT Act.

June 14, 2019

Case Laws Income Tax AT

Addition of cash credits u/s 68 - Once the PAN and confirmation letters are placed before the AO, it is for the AO to establish that the creditor has no capacity to make the advance and the loan is ingenuine - it is also incorrect to hold that every assessee should run behind the creditors and parade them before the AO after furnishing the confirmation letters - assessee has discharged the burden u/s 68

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Addition of cash credits u/s 68 - Once the PAN and confirmation ...

Taxpayer's Burden Met with PAN and Confirmation; AO Must Prove Loan's Genuineness u/s 68 of IT Act.

June 14, 2019

Case Laws Income Tax AT

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