Description:
Substantial evidence was produced by assessee to prove creditworthiness of creditor and genuineness of share application. Mere failure to produce the creditor not material, hence the money cannot be regarded as undisclosed income.
CIT vs. Orbital Communication (p) Ltd. (2010) 327 ITR 560 (Delhi)
Source:
1. www.aiftponline.org
2.AIFTP TIMES Volume.No.12 December, 2010,Page No.6
Our Comment:
Evidence to prove the creditworthiness of the creditor is sufficient. Personal appearance of the creditor is not required. This is a very good relief to the corporate.
