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Only Death Certificate of lender is not sufficient to to prove the identity of the lender, genuineness of the transaction and creditworthiness of the lender
Case Law Details
- Case Name
- M/s Manish Kumar & Co. Vs. Income-tax Officer (ITAT Ahemdabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2005-06
- Courts
- All ITAT, ITAT Ahmedabad
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Manishkumar & Co. Vs. ITO( ITAT Ahmedabad)- The first ground relates to addition of Rs.13,77,000/- made u/s 68 by the AO. During the assessment proceedings the assessee was asked by the AO to prove the identity of the lender, genuineness of the transaction and creditworthiness of the lender in respect of the loan of Rs.13,77,000/- shown in the name of Shri Madanlal J. Panjabi. The assessee was only able to furnish the death certificate of Madanlal J. Panjabi. No other evidence including that from the legal heir of Mr. Panjabi was submitted The AO therefore, made the addition of Rs.13,7...
