RANJEET SINGH,PATNA vs. ITO, WARD- 5 (5), PATNA

In the result, the appeal filed by the assessee is partly allowed for statistical purposes

Bench: Shri Sonjoy Sarma & Shri Rakesh Mishra

68 "it was necessary for the assessee to prove prima facie the Page 8 of 19 I.T.A. No.: 304/PAT/2024 Assessment Year: 2017-18 Ranjeet Singh. identity of creditors, the capacity of such creditors and lastly the genuineness of transactions". 8.4 Similarly, in the case of CIT v. Precision Finance (P.) Ltd [1994] 208 ITR 465 (Cal)], it was observed that

NALANDA ENGICON PVT. LTD, PATNA,PATNA vs. PR. CIT CENTRAL, PATNA

In the result, all the appeals of the assessee are allowed as per terms indicated hereinabove