Search Results Page
Search Results
1 - 3 of 3 (0.16 seconds)Commissioner Of Income Tax vs Bansal Credits Limited, Pratap Singh, ... on 13 November, 2002
5. The issue involved in this appeal came up for
consideration before this Court in CIT vs. Divine Lasing &
Finance Ltd. 299 ITR 268. After reviewing the case law on the
subject, this Court was of the view that in the context of
Section 68 of the Income Tax Act, the assessee has to prima
facie establish (1) the identity of the creditor/subscriber; (2)
the genuineness of the transaction, namely, whether it has
been transmitted through banking or other indisputable
channels; and (3) the creditworthiness or financial strength of
the creditor/subscriber. It was observed that (a) if relevant
details of the address or PAN identity of the
creditor/subscriber are furnished to the Department along
with copies of the shareholders register, share application
forms, share transfer register, etc., it would constitute
acceptable proof or acceptable explanation by the assessee;
Section 148 in The Income Tax Act, 1961 [Entire Act]
1