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2017 (7) TMI 737 - HC - Income TaxAddition u/s 68 - identity, genuineness and creditworthiness of the investors - Held that:- The exercise for determining the identity, genuineness and creditworthiness of the investors of the share capital of the Assessee as well as lenders was undertaken in an elaborate manner by the CIT(A). Comments from the AO were sought. Detailed reasons have been given by the CIT(A) to come to the conclusion that the Assessee had discharged its onus of establishing the identity, genuineness and creditworthiness of both the investors as well as the lenders. This has been concurred with by the ITAT in the impugned order which is again an extremely detailed one. The concurrent factual findings of both the CIT(A) and ITAT have not been shown to be perverse by the Appellant. This is virtually the fourth stage of the litigation. - Decided in favour of assessee
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