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2003 (3) TMI 64 - CALCUTTA HIGH COURTProceeding under section 68 – cash credits - onus or burden to prove identity of the subscribers and prove their credit-worthiness and the genuineness of the transaction - In the facts and circumstances of this case, despite request made by the assessee, no summons under section 131 of the Act was issued. This seems to be a denial of the assessee's right of opportunity in-built in section 68 - Tribunal will remit the matter to the Assessing Officer for issuing summons under section 131 of the Act on the said 21 shareholders and then record the evidence, if available, and return the same after giving opportunity to the assessee and recording it properly to the learned Tribunal.
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