https://www.taxtmi.com/caselaws?id=206816 HC held that the Assessing Officer cannot independently reassess or reject the profit and loss account of a creditor who is himself an assessed taxpayer. Once the creditor's PAN and evidence of assessment are available, the AO should consult the creditor's AO to verify genuineness and acceptance of the transaction. Instead of doing so, the AO improperly disbelieved the creditor's return; the court found this approach impermissible and decided in favor of the assessee. en-us Wed, 21 Sep 2011 00:00:00 +0530 Wed, 20 Aug 2025 16:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=206816 HC held that the Assessing Officer cannot independently reassess or reject the profit and loss account of a creditor who is himself an assessed taxpayer. Once the creditor's PAN and evidence of assessment are available, the AO should consult the creditor's AO to verify genuineness and acceptance of the transaction. Instead of doing so, the AO improperly disbelieved the creditor's return; the court found this approach impermissible and decided in favor of the assessee. Case-Laws Income Tax Wed, 21 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=206816