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TMI Blog2019 (3) TMI 1244X X X X Extracts X X X X X X X X Extracts X X X X ..... rged its initial onus by proving the identity of the creditors by filing their copy of ITR, Bank Accounts, the addition u/s 68 of the Act cannot sustain merely on the ground that assessee has failed to produce them despite issuance of summons u/s 131 of the Act. In Dy. Commissioner of Income Tax vs. Rohini Builders ROHINI BUILDERS. [2001 (3) TMI 9 - GUJARAT HIGH COURT] decided the identical issue in favour of the assessee that when assessee has discharged initial onus lay on it in terms of Section 68 by providing their complete address, bank statement and the assessee has also proved on record confirmed copy of account of his creditors from its books of account, bank statement and copy of form 16A showing that assessee has deducted TDS ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he facts and circumstances of the case, the Id.Commissioner of Income Tax (Appeals) has erred in law and fact in deleting the addition made by the A.O. without taking into consideration the fact that in spite of several opportunities provided to the assessee, neither did the assessee produce the Principal Officers of the three lender companies in spite of summon issued to them u/s 131 of the I.T. Act. 1961 nor did it file any documentary evidence to prove the veracity and the genuineness of the said transactions. 3. Whether in the facts and circumstances of the case, the order of the Id. Commissioner of Income Tax(A), Meerut may be set aside and that of the AO be restored. 4. That the appellant craves leave to add. modify and or d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Act cannot sustain merely on the ground that assessee has failed to produce them despite issuance of summons u/s 131 of the Act. 6. Hon ble Gujarat High Court in case cited as 256 ITR 360 Dy. Commissioner of Income Tax vs. Rohini Builders decided the identical issue in favour of the assessee that when assessee has discharged initial onus lay on it in terms of Section 68 by providing their complete address, bank statement and the assessee has also proved on record confirmed copy of account of his creditors from its books of account, bank statement and copy of form 16A showing that assessee has deducted TDS on interest payment to the creditors addition u/s 68 of the Act is not sustainable. The operative part of the findings retur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al onus which lay on it in terms of section 68 by proving the identity of the creditors by giving their complete addresses, GIR numbers/permanent account numbers and the copies of assessment orders wherever readily available, that it had also proved the capacity of the creditors by showing that the amounts were received by the assessee by account payee cheques drawn from bank accounts of the creditors and the assessee was not expected to prove the genuineness of the cash deposited in the bank accounts of those creditors because under law the assessee can be asked to prove the source of the credits in its books of account but not the source of the source. Thus taking into consideration the totality of the facts and circumstances of the case, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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