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No Addition U/s. 68 for RNBC/ Banks despite not proving creditworthiness of depositors if complied with KYC norms
Case Law Details
- Case Name
- DCIT Vs Sahara India Financial Corpn. Ltd (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All ITAT, ITAT Delhi
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Assessee’s onus in respect of creditworthiness of the depositors is to be tested in the context of the nature of business of the assessee and not divorced therefrom. For any RNBC registered with RBI engaged in the business of mobilizing deposits, it is well nigh impossible to insist on the depositor to submit documents to establish creditworthiness of the prospective depositors before accepting the deposit. Such a stand is against the banking business regulations and would have serious adverse effect on the banking business. Assessee’ s insistence of conditions which is not asked by other ...
