During year, assessee-partnership firm received certain amount of unsecured loan from person outside India. AO held that since assessee had failed to produce relevant document to prove identity and creditworthiness and genuineness of loan transaction, this unsecured loan received by assessee was bogus and, accordingly, made additions. Addition was confirmed by CIT(A) and Tribunal.\u00a0 On appeal certain documents produced by assessee for first time to demonstrate that creditor had creditworthiness to advance loan could not be taken into consideration. Court held that genuineness of transaction could not be said to be proved merely on strength of bank statement or identity y way of her copy of passport, PAN No. etc. which were produced by assessee during instant appeal. Accordingly the addition is confirmed. (AY. 2013-14, 2014-15)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 68 : Cash credits\u2013Loans from a person outside India\u2013Failure to prove creditworthiness of creditor\u2013Certain documents produced first time before High Court\u2013Addition is held to be justified. [S. 260A] <\/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":[1],"tags":[],"class_list":["post-9898","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-2zE","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/9898","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=9898"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/9898\/revisions"}],"predecessor-version":[{"id":9899,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/9898\/revisions\/9899"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=9898"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=9898"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=9898"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}