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Assessee Must Prove Identity, Creditworthiness of Loan Creditor & Genuineness of Transaction U/s. Section 68: ITAT Delhi
Case Law Details
- Case Name
- Gayatri Sewa Sansthan Vs DCIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Delhi
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Gayatri Sewa Sansthan Vs DCIT (ITAT Delhi)
ITAT Delhi held that the onus is always on the assessee to substantiate with evidence to the satisfaction of the AO regarding the identity and credit worthiness of the loan creditor and genuineness of the transaction. Matter restored to verify transaction for addition u/s. 68.
Facts- The present appeal is preferred by the assessee contesting that the CIT(A) erred on facts and in law in confirming the addition of Rs.6,92,500/- made by the Assessing Officer, being interest paid on unsecured loan from M/s Baldev Promoters Pvt. Ltd.
Concl...
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