2009 (9) TMI 935 - HC - Income Tax

Summary

The Delhi High Court dismissed the appeal as the assessee had established the identity and genuineness of companies investing in its share capital. The court held that if the companies had received cash deposits, it was the Income Tax Department's responsibility to take action against them. The judgment referenced the case of Commissioner of Income Tax Vs. Lovely Exports Pvt. Ltd. (216 CTR 195).