Madras High Court: Onus to prove the genuineness of Transaction solely lies on Assessee, mere Statutory Approvals doesn’t sanctify Transaction
Judgment:- The Madras High Court held that the onus to prove the genuineness of transaction solely lies on the assessee, mere statutory approvals do not sanctify transaction. Facts of the case:- The assessee, M/s.Vishwatej Developers Private Limited had filed their return of income admitting loss and …