If Assessee Discharged Initial Onus Regarding Identity, Creditworthiness And Genuineness, Onus Shifts To AO: ITAT Delhi

In the case of Umbrella Projects Pvt. Ltd vs. ITO, ITAT Delhi has held that:

In view of the above documents and evidences filed by the assessee, we are of the opinion that these are sufficient to discharge its initial onus regarding the identity, creditworthiness and genuineness as required under Section 68 of the Act. The assessee having discharged its onus, it was upon the AO to bring material or evidence to discredit the same. In the present case, from the assessment order, it is evident that no adverse material is available with the AO.

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