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2010 (7) TMI 39 - HIGH COURT OF DELHIShare application money – credit worthiness – identity of creditors - Revenue submits that just by filing income tax return or confirmation of creditors does not prove the creditworthiness and identity of a creditor specially when the creditor’s bank accounts revealed credit by way of cash deposit or by “clearing” just before issuing cheques of almost equivalent amount. – Held that: - since the identity of the share applicants has been established and it has been found that the said applicants are corporate assessees who were assessed to tax with the Income Tax Department, we are of the view that in the present case no substantial question of law arises – revenue appeal dismissed – decision of SC in the matter of Commissioner of Income Tax Vs. Lovely Exports (P) Ltd [2010 TMI - 76942 - SUPREME COURT OF INDIA] followed
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