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2004 (6) TMI 36 - CALCUTTA HIGH COURT
Undisclosed income - share capital – whether, on the facts and circumstances of the case, section 68 of the Income-tax Act, 1961, could be invoked against the company - establishment of the identity of the subscribers - creditworthiness of the investors - establishment of the genuineness of the transaction - it appears that there cannot be any two opinions, having regard to the materials produced with regard to the creditworthiness of the subscribers as well as to the question of genuineness of the transaction, though their identity was established