2007 (3) TMI 805

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....eved by an order dated 28-2-2006 passed by the Tribunal, Delhi Bench 'F' in ITA No. 3044/Del/2002 relevant for the assessment year 1996-97. 2. The assessee had taken a loan of Rs. 35 lakhs from M/s Vandana Investment & Finance Company. The assessing officer doubted the genuineness of this transaction and asked the assessee to show that it is genuine and that the party advancing the loan....

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.... of the firm had given a confirmation and her PAN number and ward where she was assessed in Mumbai. The bank statement showed that she had a balance of Rs. 72 lakhs immediately before the issuance of the demand draft for the amount of loan taken. The Commissioner (Appeals) held on these facts that the loan was a genuine transaction and that the creditor had the financial capacity to give a loan to....