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Burden of proof on assessee to prove creditworthiness & genuineness of creditors: HC
Case Law Details
- Case Name
- CIT Vs Mihir Kanti Hazra (Calcutta High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Calcutta High Court
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Brief of the Case
Calcutta High Court held In the case of CIT vs. Mihir Kanti Hazra that it is well settled that creditworthiness of the alleged creditors and the source of the source are relevant enquiries. In the case of CIT Vs Precision Finance Pvt. Ltd. reported in (1994) 208 ITR 465, it was decided that It is for the assessee to prove the identity of the creditors, their creditworthiness and the genuineness of the transactions. It was not for the Income-tax Officer to find out by making investigation from the bank accounts unless the assessee proves the identity of the creditors and their...
