2007 (3) TMI 805

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....sed 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 ₹ 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 is creditworthy. In response, the....

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....rmation and her PAN number and ward where she was assessed in Mumbai. The bank statement showed that she had a balance of ₹ 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 the assessee. 4. The rev....