{"id":12629,"date":"2020-10-07T06:18:40","date_gmt":"2020-10-07T06:18:40","guid":{"rendered":"https:\/\/itatonline.org\/digest\/kumar-nirman-and-nivesh-pvt-ltd-v-acit-2020425-itr-486-karnhc\/"},"modified":"2020-10-07T06:18:40","modified_gmt":"2020-10-07T06:18:40","slug":"kumar-nirman-and-nivesh-pvt-ltd-v-acit-2020425-itr-486-karnhc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/kumar-nirman-and-nivesh-pvt-ltd-v-acit-2020425-itr-486-karnhc\/","title":{"rendered":"Kumar Nirman and Nivesh Pvt. Ltd. v. ACIT (2020)425 ITR 486 (Karn)(HC )"},"content":{"rendered":"<p>Allowing the appeal of the assessee the Court held that the assessee in support of identity, genuineness of transaction and creditworthiness had supplied a copy of the balance-sheet and profit and loss account to the Assessing Officer. The assessee had also filed a copy of the return of income as well as a copy of the information letter. The assessee having proved the identity and creditworthiness of the party as well as the genuineness of the transaction had discharged its burden and it was for the Revenue to conduct an enquiry and to prove that the transaction in question was not genuine and the identity of the creditor was not established and it had no credit worthiness. The Revenue had not conducted any enquiry and had failed to discharge its burden. The addition was not justified. ( Distinguished CIT\u00a0 v. <em>P.R. Ganapathy (2012)<\/em>\u00a0210 Taxman 572 \/254 CTR 336 (SC) ,<em> PCIT v. NRA Iron &amp; Steel Pvt\u00a0 Ltd\u00a0 (2019) 412 ITR 161 (SC)<\/em> ( AY.2005-06)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S.68: Cash credits \u2014Must prove identity of creditor, Creditworthiness and genuineness of  transaction \u2014 Source of  source need not be proved \u2014 Duty of  Income-Tax Authorities to conduct enquiry \u2014No Enquiry by Income-Tax Authorities \u2014 Addition not justified .  <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-12629","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-3hH","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12629","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=12629"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12629\/revisions"}],"predecessor-version":[{"id":12630,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12629\/revisions\/12630"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=12629"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=12629"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=12629"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}