Creditworthiness of creditors can’t be proved by mere showing that funds were received through banking channels: ITAT

INCOME TAX : Where assessee in order to prove that promoters had sufficient funds to make payments to assessee towards share capital/premium merely showed that funds had been received in hands of assessee through banking channels, same would not establish creditworthiness of creditors;INCOME TAX : Where assessee in order to prove that promoters had sufficient funds to make payments to assessee towards share capital/premium merely showed that funds had been received in hands of assessee through banking channels, same would not establish creditworthiness of creditors;www.taxmann.com Latest Case LawsRead More

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