Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2011 (9) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (9) TMI 753 - HC - Income TaxUndisclosed income - the first and foremost requirement in respect of cash credit is to establish the identity of the creditor - Held that: the creditor of the assessee is a registered company which subsequently transferred its activities to Mumbai and changed its bank account, the address of which was available and even subsequently, the loan in question was paid back to the said creditor through the account payee cheque - the address of the said deponent is also available from the materials placed before the Assessing Officer and the said affidavit was in all respect made by complying with the formalities prescribed by law - the director of the creditors of the assessee affirmed affidavit before the Assessing Officer confirming the loan transaction which was effected to account payee cheques and the address of the bank in the transferred address was also available - Decided in favor of the assessee
|