Creditworthiness of Lender not proved: Section 148A(d) order valid

Indus Technical Education Society Vs Union of India (Allahabad High Court) So far as unsecured loan of Rs. 28,53,439/ is concerned, the petitioner could not submit any credible evidence alongwith its reply to establish credit worthiness of the lender i.e. M/s Arrow Netmart Pvt. Ltd. Therefore, prima facie, the Assessing Authority had some relevant material before him to assume jurisdiction for initiating re-assessment proceedings under Section 147/148 of the Act, 1961. Thus, since the Assessing Authority has some relevant material in his hands, therefore, the impugned order under Section 148A(...