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Carissa Investment (P) Ltd., Delhi vs Acit, New Delhi on 22 January, 2021 cites

The Dy. Cit, (Osd), Circle-8,, ... vs M/S. Vrindavan Furnishing Pvt. Ltd.,, ... on 3 September, 2019

clearly show that both the creditors have transactions with the assessee-company in subsequent A.Y. 2008-2009 of the identical nature and the A.O. accepted the creditworthiness of the creditors and genuineness of the transaction of higher amounts of credits and no additions have been made under section 143(3) in respect of the same creditors in A.Y. 2008-2009. Thus, the assessee-company has been able to prove that both the creditors have availability of sufficient funds to give loan to the assessee-company in assessment year under appeal. Merely because income was low declared by both the creditors, is no ground to make the impugned addition against the assessee-company. 7.1. The Hon'ble jurisdictional Delhi High Court in the case of CIT vs. Vrindavan Farms Pvt. Ltd., etc. ITA.No.71 of 2015 dated 12th August, 2015 (Del.), in which it was held as under :
Income Tax Appellate Tribunal - Ahmedabad Cites 3 - Cited by 18 - Full Document
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