Mere furnishing of confirmations & PAN not sufficient to prove creditworthiness of creditors

Mayuri Infrastructure (P) Ltd. Vs ITO (ITAT pune) Mere furnishing of confirmations and PAN are not sufficient to prove the creditworthiness of the creditors. The assessee has to prove financial capacity of the creditors. The assessee was required to furnish evidence that would show financial worth of the creditors, such as bank statements, to remove the shadow of doubt from the mind of assessing officer. Taking into consideration totality of facts, we deem it appropriate to restore this issue back to the file of assessing officer in respect of 11 creditors mentioned in the grounds of appeal. T...