Sahara India Power Corporation Ltd.,, ... vs Assistant Commissioner Of ... on 28 April, 2023
35. Further in another judgment by CIT Vs. Umang Hiralal Thakur
(2014) 42 taxmann.com 194 (Guj) is placed on the following
paragraphs of its judgment.
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The Jt.Cit.(Osd),Cent.Circle-2(1),, ... vs Shri Sanjay Hiralal Thakkar, Ahmedabad on 20 April, 2022
Deputy Commissioner Of Income Tax , ... vs M/S. Vibrant Global Capital Ltd., ... on 25 October, 2024
5.6 Once the assessee has produced the PAN and confirmation of the
creditor as well as bank account statement, the assesse discharged its
initial onus to prove identity and creditworthiness of the loan creditors.
When the transactions are verified from the bank account of the
creditors as well as of the assessee, then the genuineness of the
transactions are also established in the absence of any contrary
material having brought on record by the Assessing Officer. The
Hon'ble Gujarat High Court has taken a consistent view in CIT v/s
Sanjay J. Thakkar (supra) in Para-2 to 3 as under:-
Income Tax Officer, Nagpur vs Ramsons Steel Pvt Ltd, Nagpur on 24 April, 2026
),
CIT vs. Sanjay J. Thakkar in Tax appeal No.524 of 2004 (Guj.
Ramsons Steel Pvt Ltd,Nagpur vs Income Tax Officer, Nagpur on 24 April, 2026
),
CIT vs. Sanjay J. Thakkar in Tax appeal No.524 of 2004 (Guj.
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