Acit 22 (3), Mumbai vs M/S Rukhana Enterprises, Mumbai on 31 March, 2023
Similarly, in the case of Jindal
ITF Ltd. Vs, Union of India (2020) 116 taxmann.com 154 (Delhi),
wherein the identity of the loan depositor capacity of creditors to
advance loan and genuineness of the loan transaction were in dispute
the AO had carried out any independent investigation and verification
to disprove the relevant material produced by the assesse.