Onus to prove the cash creditors on the assessee only

Last updated: 10 September 2012

Court :
INCOME TAX APPELLATE TRIBUNAL

Brief :
In his appeal, as many as twelve grounds are raised by the assessee. However, at the time of hearing before us, it is stated by the learned counsel that the major dispute in this appeal is with regard to the addition made under Section 68 of the Income-tax Act, 1961 amounting to `72,00,500/- and addition on account of low gross profit amounting to `4,66,500/-. He stated that during the course of assessment proceedings on 24.12.2009, the Assessing Officer asked the assessee to produce all the creditors on 29.12.2009 along with their books of account, bank statements and other documentary evidence in support of their having given loan to the assessee. That the time of just less than a week allowed by the Assessing Officer was inadequate to produce the creditors. He submitted that if the matter is set aside, the assessee is ready to produce the creditors before the Assessing Officer

Citation :
Shri Prem Chand, 10519/1, Gali No.4, Motia Khan, Paharganj, New Delhi – 110 055. PAN : ACQPC0858A. (Appellant) Vs. Income Tax Officer,Ward-39(4),New Delhi. (Respondent)