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TMI Blog2007 (3) TMI 805X X X X Extracts X X X X X X X X Extracts X X X X ..... ssed 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, th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... irmation 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 re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ss of the transaction. On the facts of the case, both authorities held that the transaction was a genuine transaction. We cannot find any fault with the view taken by both the Commissioner (Appeals) as well as by the Tribunal.
6. Under the circumstances, we are of the opinion that no substantial question of law arises for our consideration in this appeal. Dismissed. X X X X Extracts X X X X X X X X Extracts X X X X
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