Dismissing the appeal of the Revenue , the Court held that the Assessee has discharged the burden by filling\u00a0 confirmation letters , balance sheet and reply to notice issued u\/s 133(6) of the Act .\u00a0 Court also held that\u00a0\u00a0 the\u00a0 observation of the Assessing Officer that merely filing PAN details , balance sheet does not absolve the assessee from his responsibility of proving the nature of transactions is not valid in law . Court objected the general observation of the Assessing Officer such as paper companies and\u00a0 \u00a0the expression \u201cmoney Laundering\u201d\u00a0 is held to be uncalled for as\u00a0 the allegation of money laundering is a very serious allegations\u00a0 and effect of case of money laundering under the relevant Act is markedly different . The Assessing officer should have desisted from using such expression when it was never the case that there was any allegations of money laundering . ( ITA No 18 of 2022 dt 14 -7 -2022 )( AY .2015 -16 )<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 68 : Cash credits \u2013lenders are assessed to tax- Confirmation was filed \u2013 Interest was paid ,TDS was deducted – Notice issued u\/s 133(6) were acknowledged – Order of Tribunal deletion of addition was affirmed \u2013 Court observed that the Assessing officer should have desisted from using the general observation and expression \u201cmoney Laundering\u201d when it was never the case that there was any allegations of money laundering . [ S. 133(6) ] <\/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-28593","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-7rb","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/28593","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=28593"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/28593\/revisions"}],"predecessor-version":[{"id":33144,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/28593\/revisions\/33144"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=28593"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=28593"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=28593"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}