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Unable to find any such material except for the fact that additions were made merely on suspicious, conjectures and surmises. Therefore, no infirmity could be found, in the impugned order, in this regard.

Shanti Prime Publication Pvt. Ltd.

Sec. 68 of Income Tax Act, 1961—Cash Credit—Addition deleted as assessee has discharged the primary onus to demonstrate fulfilment of primary ingredients of Sec.68.

Facts: Revenue went on appeal before Tribunal and raised the ground that CIT(A) erred in deleting the addition made by the A.O. u/s 68 and CIT(A) erred in not giving any finding regarding the AO's stand that mere filing of documents by the lender, does not prove identity and creditworthiness of the lender and genuineness of the transaction.

Held, that assessee has discharged the primary onus to demonstrate fulfilment of primary ingredients of Sec.68 and it was incumbent upon revenue to dislodge the assessee’s claim by bringing on record, cogent material to establish that the assessee’s unaccounted money was routed in its books of account in the garb of unsecured loans. However, we are unable to find any such material except for the fact that additions were made merely on suspicious, conjectures and surmises. Therefore, no infirmity could be found, in the impugned order. Resultantly, the revenue’s appeal stands dismissed. - ITO V/s NEXTGEN CONSTRUCTION PVT. LTD. - [2020] 26 ITCD Online 098 (ITAT-MUMBAI)