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2003 (3) TMI 53 - HC - Income Tax
"Whether, Tribunal was justified in upholding the appellate order of the CIT (Appeals) by which the Commissioner of Income-tax (Appeals) had confirmed the addition of ₹ 8,70,387 under section 68 of the Income-tax Act by holding that the creditworthiness of the individual shareholders and consequently the genuineness of the investment recorded in the books of the company in their names remained unestablished and the Assessing Officer was therefore justified in coming to the conclusion that the alleged subscriptions represented the appellant company's income of the year from some concealed sources?" - We, answer the question in the negative in favour of the assessee and remand the case for fresh decision by the learned Tribunal who will remit the matter to the Assessing Officer for making an enquiry in respect of the income-tax files