Case Law Details
Case Name : DCIT Vs M/s. Soni Hospital Pvt. Ltd. (ITAT Jaipur)
Related Assessment Year : 2005-06
Courts :
All ITAT ITAT Jaipur
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Brief of the case:
In the case of DCIT Vs. M/s. Soni Hospital Pvt. Ltd. Jaipur bench of ITAT have held that that in case of share capital, the creditworthiness along with genuineness of transaction, identity of person is also required to be proved by the assessee. ITAT considered the decision of Hon’ble SC in the case of M/s Lovely Exports and found that assessee was required to prove the identity, genuineness and creditworthiness.
Facts of the case:
Assessee is running a hospital and files its return of loss of Rs. 2,82,73,070/- on 31.10.2005.
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Very fruitful judgement