2021 (9) TMI 1286

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....Mr. Anshul Mittal, Advocates. Respondents Through: Mr. Sunil Agarwal, Advocate with Mr. Tushar Gupta and Mr. Samarth Chaudhari, Advocates. J U D G M E N T MANMOHAN, J: (Oral) 1. The appeal has been heard by way of video conferencing. 2. Present appeal has been filed challenging the order dated 11th December, 2020 passed by Income Tax Appellate Tribunal (hereinafter referred to as 'ITAT') in I....

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....n reply or documents. He, however, submits that in view of the judgment of the Supreme Court in Principle Commissioner of Income Tax (Central-I) vs. NRA Iron & Steel Pvt. Ltd., (2019) 15 SCC 529 the onus was on the respondent/assessee under Section 68 of the Act to prove the identity and creditworthiness of the lenders and genuineness of the loans. 5. A perusal of the paper book reveals that neit....

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....e the financial capacity to make the investment in question, to the satisfaction of the AO, so as to discharge the primary onus. 13.2. The Assessing Officer is duty-bound to investigate the creditworthiness of the creditor/ subscriber, verify the identity of the subscribers, and ascertain whether the transaction is genuine, or these are bogus entries of name-lenders. 13.3. If the enquiries and....