Creditworthiness of investor company cannot rejected merely for declaring low income

ACIT Vs TRN Energy (P) Ltd. & Vice-Versa (ITAT Delhi)

A.O. from the books of account of the assessee-company found that assessee-company has received fresh share application money of the impugned amount from Mis. JaisriProperties Exports Pvt. Ltd., The A.O. asked the assessee-company to prove the genuineness of the transaction in the matter with supporting documentary evidence. The assessee-company filed confirmation of the investor Company along with its particulars, bank statement and copy of the income tax return filed with the Departmen

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