Transactions, cannot be doubted merely because companies have meager income or for mere non-production of director

Zion Promoters & Developers (P) Ltd. Vs Addl. CIT (ITAT Delhi) The investment in the share of the assessee company by the above five companies whose directors appeared before the Assessing Officer and whose statements were recorded and full details were filed substantiating the identity and creditworthiness of the investor companies and the genuineness of the transactions, cannot be doubted merely because companies have meager income or that the directors could not categorically answer the question of the Assessing Officer. Ld. CIT(A) sustained the addition basically on the ground that alt...