2010 (10) TMI 111 - HC - Income Tax

Addition - Identity of creditworthiness and genuineness - Tribunal has recorded a finding that the identity of creditworthiness and genuineness has been established - further recorded a finding that source of origin of the loan has been explained - Appeal is dismissed

Summary

The High Court of Allahabad dismissed the appeal by the Income Tax Department against the order of the Commissioner of Income Tax (Appeal) for the assessment year 2004-05. The Tribunal found the identity, creditworthiness, and genuineness of the loan to be established. The appeal was dismissed as there was no illegality in the order.