Addition u/s. 68 - allegation of accommodation entries taken by ...

Assessee Cleared of Section 68 Charges as Officer Fails to Investigate Evidence; Addition Based on Assumptions Dismissed.

October 12, 2021

Case Laws Income Tax AT

Addition u/s. 68 - allegation of accommodation entries taken by assessee - initial burden to prove - once the initial burden is discharged by the assessee the burden shifts to the revenue to disprove the claim of the assessee. It is noticed that AO did not make any sort of enquiries to disprove the genuineness of the transaction on the evidences furnished by the assessee. He has completely ignored even the statement retracted by the PKJ. The addition is made merely on surmises and conjectures without probing further by the Assessing Officer. - AT

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Addition u/s. 68 - allegation of accommodation entries taken by ...

Assessee Cleared of Section 68 Charges as Officer Fails to Investigate Evidence; Addition Based on Assumptions Dismissed.

October 12, 2021

Case Laws Income Tax AT

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