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2014 (9) TMI 436 - HC - Income TaxUnexplained share application money and loans u/s 68 – Creditworthiness of transaction – Held that:- The assessee has shown receipt of share money amounting to ₹ 75 lacs from 15 persons - the assessee has also shown receipt by way of unsecured loans from 19 agriculturists - The A.O. has was of the view that the Directors have sold their agricultural land in the year 2003 and out of such sale-proceedings, share application money was paid - Tribunal has passed the order in the absence of the revenue, who in his written submission states that even if Khatauni have been provided, there is no reconciliation/record of land, no sale-deed record owned by the person in whose names sale of potatoes have been credited - There is also no proof of cultivation of potatoes or storage of such potatoes in the cold storage - the mystery pertaining to the creditworthiness remained unsolved – thus, the matter is remitted back to the Tribunal for fresh adjudication – Decided in favour of revenue.
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