Failure of AO in Presentation of Requisite Materials Proves Successful Discharge of Onus Casted upon Assessee: ITAT deletes Addition [Read Order]

Failure of AO - AO - Presentation of Requisite Materials - Requisite Materials - Discharge of Onus - Assessee - ITAT deletes Addition - ITAT - Taxscan

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that Under Section 68 of the Income Tax Act, 1961, the assessee is required to establish (a) identity (b) Genuineness of the transaction (c) Capacity of the lender /depositor. The initial burden is on the assessee. Hence it was incorrect on the part of…

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