The Court in the case held that only because the directors failed to respond to the notices issued, the Assessing Officer could draw an adverse inference.
The bench comprising of Chief Justice T.S. Sivagnanam and Justice Hiranmay
Bhattacharyya in the case observed that the assessing officer failed to comment on the veracity or admissibility of any of the details or documents produced by the assessee to prove the identity, the creditworthiness of the share subscribers, and the genuineness of the transaction.
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