Once identity & creditworthiness of parties and genuineness of transaction proved, section 68 cannot be invoked

Issue before court:

• Whether AO can made addition u/s 68 if primary onus of proving identity, creditworthiness and genuineness was discharged by assessee.
• Whether AO should make proper and due enquiry before invoking provision of section 68.

Brief Facts:

• Assessee was engaged in the sale & purchase of property. During assessment proceed

  Please become a Premium member. If you are already a Premium member, login here to access the full content.