ITO., WARD-16(1), HYDERABAD vs. PHOENIX INFRAVENTURES AND PROJECTS PRIVATE LIMITED, HYDERABAD
In the result, the appeal filed by the revenue is dismissed
ITA 867/HYD/2024[2022-23]Status: DisposedITAT Hyderabad24 Feb 2025AY 2022-23
Bench: Shri Laliet Kumar, Hon’Ble & Shri G. Manjunatha, Hon’Bleassessment Year: 2022-23 The Income Tax Officer, Vs. Phoenix Infraventures & Projects Private Limited, Ward – 16(1), Hyderabad. Hyderabad. Pan No.Aafcp5499L. (Assessee) (Respondent) Assessee By: Shri R. Mohan Kumar, Advocate Revenue By: Shri B. Bala Krishna, Cit-Dr Date Of Hearing: 24.12.2024 Date Of Pronouncement: 24.02.2025
For Appellant: Shri R. Mohan Kumar, AdvocateFor Respondent: Shri B. Bala Krishna, CIT-DR
Section 139(1)Section 68
Section 68 of the Act, the assessee needs to prove the identity of the investor company, genuineness of the transactions, and creditworthiness of the investor company. Further, the assessee also needs to prove the source of source of the investor company. Once the assessee proves the identity, genuineness of the transactions, and creditworthiness of the creditor, then the onus shifts
