This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
Section 68 addition valid if Assessee Fails to Prove Creditworthiness of Creditors
Case Law Details
- Case Name
- Sumo Advertises Pvt. Ltd. Vs ACIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2008-09
- Courts
- All ITAT, ITAT Delhi
Upgrade to Basic or Premium to download.
Already Upgraded? Log in.
Advertisement
Sumo Advertises Pvt. Ltd. Vs ACIT (ITAT Delhi)
A perusal of the assessment order reveals that during the course of the assessment proceedings, the Id. AO asked the appellant to establish the credits appearing in its books of account. However, no details were filed by the latter. As per the provisions of section 68, the onus was on the appellant to establish the identify and credit worthiness of the creditors and the genuineness of the transaction. However, the said onus was not discharged by the appellant. Based upon the statement of Sh. V.K. Jain, who controlled the companies...
