| |
| The Tax Publishers2020 TaxPub(DT) 0985 (Del-Trib) INCOME TAX ACT, 1961
Section 68
Where assessee duly discharged his onus by providing various documents in the form of PANs, voter ID cards, income tax returns, bank statements, confirmations, etc., for establishing identity and genuineness of transactions entered into by him, the addition made under section 68 in respect of such transactions, would not be sustainable.
|
Income from undisclosed sources - Addition under section 68 - Alleged unexplained credit - Assessee duly discharged his onus
AO observed that assessee received certain amount in form of cash/cheques and deposited the same in various bank accounts maintained by him, which was further invested in properties. According, to the AO the assessee failed to discharge his onus to prove genuineness, creditworthiness of the transaction and also failed to furnish confirmations of persons from whom the said loans were received and thus, he made addition of the said amount under section 68. Held:Assessee filed various documents in the form of PANs, voter ID cards income-tax returns, bank statements, confirmations etc. for establishing identity and genuineness of transactions entered into by him. Therefore, it could be said that the assessee duly discharged his onus under section 68 and hence, the addition made under section 68 in respect of such impugned transactions, would not be sustainable.
REFERRED :
FAVOUR : In assessee's favour
A.Y. : 2005-06
 SUBSCRIBE FOR FULL CONTENT
|