1993 (6) TMI 17 - CALCUTTA HIGH COURT - Income Tax

Extract:
.......ee proves the identity of the creditors and their creditworthiness. Mere payment by account payee cheque is not sacrosanct nor can it make a non-genuine transaction genuine. In that view of the matter, the question before us is answered in the negative and in favour of the Revenue. There will be no order as to costs. NURE ALAM CHOWDHURY J.-I agree.