Mere Confirmation Letter not sufficient to prove Cash Credits Genuineness

M/s. Janatha Trading Corporation Vs DCIT (ITAT Cochin) The contention of the AR is that the assessee has produced the confirmations from the partners and that being found insufficient by the AO, the AO ought to have called for more details. In other words, it was the contention of the Ld. AR that on production of confirmation letters, the assessee’s burden stands discharged and it was for the AO to prove otherwise. We are unable to agree with the same. It is the primary duty of the assessee to establish the identity of the parties, capacity of the lenders and the genuineness of the transact...