PRINCIPAL COMMISSIONER OF INCOME TAX 2 KOLKATA vs. MINTO PARK ESTATES PVT LTD

In the result, the appeal is allowed and the order passed by the learned

Bench: THE HON'BLE THE CHIEF JUSTICE T.S SIVAGNANAM,HON'BLE JUSTICE CHAITALI CHATTERJEE (DAS)

68 of the Act. Further the appellate authority noted that the assessee had submitted details and documentary evidence from which the identity of the shareholders was proved but the same is not sufficient to prove the nature and genuineness of the transactions and creditworthiness of the share subscriber companies, which can be considered to examine or verify the nature