addition of an amount of Rs. 7,50,000/- made by AO on account of amount received in the bank account of the assessee treating the same as unexplained credits under Section 68 of the Act.
The assessee for his part produced the confirmations and identity proofs of Sh. Babu Jethani, which would be sufficient for the assessee to discharge his initial burden. Then it would be for the AO to bring material if he wants to negate the same.
6. Keeping in view of the facts and circumstances of thecaseand respectfully following the precedents as aforesaid, the addition in dispute is hereby deleted by allowing the ground no. 7, as argued by the Ld. Counsel for the assessee.
Sec. 68 of Income Tax Act, 1961—Cash Credit— The assessee filed an appeal against the order of CIT(A) in confirming the addition of an amount of Rs. 7,50,000/- made by AO on account of amount received in the bank account of the assessee treating the same as unexplained credits under Section 68 of the Act. ITAT allowing the appeal of the assessee deleted the impugned additions holding that “where in a given case the assessee for his part produced the confirmations and identity proofs of Sh. Babu Jethani, which would be sufficient for the assessee to discharge his initial burden. Then it would be for the AO to bring material if he wants to negate the same”. - MEENA NAYYAR V/s ITO - [2020] 23 ITCD Online 119 (ITAT-DELHI)
addition of an amount of Rs. 7,50,000/- made by AO on account of amount received in the bank account of the assessee treating the same as unexplained credits under Section 68 of the Act.
The assessee for his part produced the confirmations and identity proofs of Sh. Babu Jethani, which would be sufficient for the assessee to discharge his initial burden. Then it would be for the AO to bring material if he wants to negate the same.
6. Keeping in view of the facts and circumstances of thecaseand respectfully following the precedents as aforesaid, the addition in dispute is hereby deleted by allowing the ground no. 7, as argued by the Ld. Counsel for the assessee.
Sec. 68 of Income Tax Act, 1961—Cash Credit— The assessee filed an appeal against the order of CIT(A) in confirming the addition of an amount of Rs. 7,50,000/- made by AO on account of amount received in the bank account of the assessee treating the same as unexplained credits under Section 68 of the Act. ITAT allowing the appeal of the assessee deleted the impugned additions holding that “where in a given case the assessee for his part produced the confirmations and identity proofs of Sh. Babu Jethani, which would be sufficient for the assessee to discharge his initial burden. Then it would be for the AO to bring material if he wants to negate the same”. - MEENA NAYYAR V/s ITO - [2020] 23 ITCD Online 119 (ITAT-DELHI)