In the year 2013,My friends parents had put the amount of 9 lakhs in CHIT business run by their close neighbours. Neighbours had filed IP notice of amount closer to 90 lakhs to 1 crore, saying there was loss in business. My friends parents being elders could not take any legal action due to myth and fear of moving around court. Also they were sure their neighbours had no other businessess except CHIT business. Now, In 2018, Can they challenge the IP claiming as false claims. Affected families received IP document with names and by then neighbours shifted their location and not reachable from then
I understand for any type of business, they will have transactions, paying taxes, opposite vendors( incase of business),PAN proofs,Acounting entries,importantly bank statements. Can they challenge the IP stating as false claims.Please correct my query and help me towards positive solution to this.
