9911796707
TMI Blog2024 (11) TMI 1300X X X X Extracts X X X X X X X X Extracts X X X X ..... relevant documents from SDPL, he without making any further enquiry or investigation summarily treated it as paper company. Once the assessee has proved the identity of his creditors the genuineness of the transactions which he had with his creditors, and the creditworthiness of his creditors vis-a-vis the transactions which he had with the creditors, his burden stands discharged and the burden then shifts to the revenue to show that the amount in ques-tion, actually belonged to, or was owned by the assessee himself. A delicate balance must be maintained while walking the tightrope of section 68.The burden of proof cannot be discharged to the hilt by the assessee. If the Assessing Officer harbors any doubt about the legitimacy of the loan, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CIT(A) erred in deleting the addition of Rs. 5 Cr. made by the AO u/s. 68 of the Act. 4. The appellant craves leave to add to alter, amend, modify and/or delete any or all of the above said grounds of appeal. The appellant reserves its right to file further submission in the appeal. 2. Brief facts of the case are that the return filed for Rs 45,84,304/-was subsequently assessed by the Ld. Assessing Officer at Rs 5,45,84,300/- by making an addition of Rs 5 cr. u/s 68 of the Income Tax,1961.The AO treated the loan taken from one Safal Developers Pvt. Ltd. as paper transaction and bogus. Contentions of the assessee that the said loan was taken for business purposes through banking channels from an existing company were rejected. It was also s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he company was following Project completion method of accounting being engaged in the business of real estate. The expenses incurred every year were added to the Work-in Progress and no profit was booked. It was stated that the loan was received and repaid through banking channels. The company had submitted copies of Bank statements, ITRs, Financials and confirmations of accounts to prove identity, credit worthiness and genuineness of the transaction. The primary onus has been duly discharged. 5. We have carefully considered the entire matrix of the case and find sufficient force in the contentions of the ld.AR. In this case, the primary onus has been duly discharged by filing relevant confirmation, ITR, Bank statements etc which all have b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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