M/S. Godwin Construction Pvt. Ltd., ... vs Dcit, Meerut on 9 November, 2021
"7.8 In view of the above mentioned facts of the case, undersigned is of the
view that, genuineness of the transaction of loan is not substantiated by
the appellant company, as no credit is forwarded by creditor to the
appellant company. It is also seen that, the bank statements of the
creditors other than M/s. Godwin Construction Private Limited are not
7 ITA No.2786/Del/2019
Godwin Tourism Pvt. Ltd. vs. DCIT
submitted by the appellant company. Various case laws relied upon by
appellant are on their own footing and distinguishable on facts of the
present case. Further, creditor has not forwarded his income as unsecured
loan to the appellant company, thus, credit capacity of the of the GSPL is
not beyond doubt. Therefore, it is concluded that, the credit capacity of the
creditor and the genuineness of the transaction is not established by the
appellant company. Therefore, addition of Rs. 4,89,49,059/- made by AO
is hereby confirmed and ground of appeal of the appellant is dismissed."