2011 (3) TMI 143

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.... for the appellant.   ADARSH KUMAR GOEL, J.   1. This appeal has been preferred by the assessee under Section 260-A of the Income Tax Act, 1961 (for short, "the Act") against the order of the Income Tax Appellate Tribunal, New Delhi dated 28.6.2010 in ITA No.726/Del/2009 claiming following substantial questions of law:- (I) Whether on the facts and circumstances the Income Tax A....

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....es, even after admission of loan amount given to the appellant firm by Dinesh Goyal, is there any material on record to hold that the gift amount even if not accepted as genuine in the a/c of Dinesh Goyal, yet can legally be attributed as the income of the appellant firm?   (IV) Whether on the facts and circumstances and settled proposition of law, the appellant has not proved the identity....

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.... "6. We have heard both the parties and perused the record. It is settled law that for proving the credit u/s 68 of the Income-tax Act, identity and creditworthiness of the lender as well as genuineness of the transaction are needed to be established by the assessee. As per admitted facts of the case, assessee firm has received an unsecured loan of Rs.2,00,000/- from Shri Dinesh Goyal. The said....

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....cceptable explanation and since explanation furnished by the assessee was not acceptable, the burden on the assessee to explain genuineness of the credit entry was not discharged.   4. We have heard learned counsel for the appellant.   5. Learned counsel for the appellant submits that the addition by the Assessing Officer as upheld by the CIT(A) and the Tribunal is not called for. ....