https://www.taxtmi.com/caselaws?id=70988 The Appellate Tribunal ITAT Patna ruled in favor of the assessee, holding that the addition of credits in the names of minors was unjustified. The Tribunal found that the assessee had satisfactorily established the identity of the creditors, their capacity to advance the money, and the genuineness of the transactions. It criticized the income-tax authorities for not conducting substantial inquiries into the sources of the credits and accepted the assessee's evidence. As a result, the appeal was accepted, and the addition of credits in the names of minors was deleted. en-us Wed, 16 Mar 1994 00:00:00 +0530 Wed, 20 Apr 2011 15:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70988 The Appellate Tribunal ITAT Patna ruled in favor of the assessee, holding that the addition of credits in the names of minors was unjustified. The Tribunal found that the assessee had satisfactorily established the identity of the creditors, their capacity to advance the money, and the genuineness of the transactions. It criticized the income-tax authorities for not conducting substantial inquiries into the sources of the credits and accepted the assessee's evidence. As a result, the appeal was accepted, and the addition of credits in the names of minors was deleted. Case-Laws Income Tax Wed, 16 Mar 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70988