Case Law Details
Case Name : M/s Manish Kumar & Co. Vs. Income-tax Officer (ITAT Ahemdabad)
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. Panj
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