2010 (10) TMI 117 - HC - Income Tax

Identity of the depositors, creditworthiness of the depositors and genuineness of the transaction - Reassessment - respondents filed an appeal - Commissioner Income Tax (Appeals) dismissed the appeal - Held that - respondent has established the identity of the depositors, creditworthiness of the depositors and genuineness of the transaction - it is not necessary to go into this question as there is no illegality so far as third finding is concerned - Appeal is dismissed

Summary

The High Court of Allahabad allowed the appeal by the respondent against reassessment under section 143(1)(a) of the Income Tax Act, 1961. The court found no justification for the notice issued under section 148, as it was time-barred. The respondent proved the identity, creditworthiness, and genuineness of the depositors. The appeal by the department was dismissed.