INCOME TAX OFFICER-1, MORENA vs. SHRI AGRASEN LOGISTICS, JOTAI ROAD, PORSA,

In the result, the appeal of the Revenue is dismissed

Bench: Shri Sunil Kumar Singh & Shri Manish Agarwal

119 (Delhi), held that the initial onus is upon the assessee to establish three things necessary to obviate the mischief of Section 68. Those are: (i)identity of the investors; (ii) their creditworthiness; and (iii) genuineness of the transaction. The department's exercise starts only when these three ingredients are established prima facie, by the assessee

HYDRISE FOODS PRIVATE LIMITED,NOIDA, UTTAR PRADESH, INDIA vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE, AGRA, AGRA, UTTAR PRADESH, INDIA

In the result, both the appeals of the assessee are allowed