In the result, appeals filed by the Revenue are dismissed and the appeals filed by the assessee in ITA No
Bench: Shri V. Durga Rao, Hon’Ble & Shri D.S. Sunder Singh, Hon’Ble & M/S. Gowthami Builders, Vs. Ito, Ward-1(4), D.No. 48-3-6, Srinagar, Visakhapatnam. Visakhapatnam. Pan No. Aaifg 6738 K (Appellant) (Respondent) & Ito, Ward-1(4), Vs. M/S. Gowthami Builders, Visakhapatnam. D.No. 48-3-6, Srinagar, Visakhapatnam. Pan No. Aaifg 6738 K (Appellant) (Respondent)
section 142(1) dated 23-01-2014, besides asking the names and complete addreses of the parties from whom the loans were alleged to be raised, the assessee firm was asked to explain the sources and creditworthiness of the lenders and genuineness of the transactions along with verifiable supporting evidences. In response to the same vide its letter submitted