S. 68 Onus on assessee to prove identity & creditworthiness of subscribers & genuineness of transactions

HIGH COURT OF DELHI Commissioner of Income-tax versus Nipun Builders & Developers (P.) Ltd. IT Appeal no. 120 OF 2012 Date of Pronouncement – January 7, 2013 JUDGMENT R.V. Easwar, J. This is an appeal by the revenue filed u/s. 260A of the Income Tax Act. It relates to the assessment year 2004-05. The assessee is a private limited company which filed its return on a figure of loss which was accepted u/s. 143(1). On the basis of a report of the investigation wing of the income-tax department, the assessment was reopened u/s.147 on the ground that income chargeable to t...