PRINCIPAL COMMISSIONER OF INCOME TAX 5 KOLKATA vs. TAPAN KANTI ROY

Bench: HON'BLE JUSTICE RAJARSHI BHARADWAJ,HON'BLE JUSTICE UDAY KUMAR

section 68 of the Act cast an onus on any assessee to prove a loan transaction from the point of verifiability of the identity, creditworthiness and genuineness of the transaction. The Hon’ble High Court of Calcutta propounded these principles way back in 1978 through the case of Shakar Industries reported in 114 ITR 689 (Cal). On this issue this