TMI Blog2012 (2) TMI 540X X X X Extracts X X X X X X X X Extracts X X X X ..... <![endif]--><!--[if gte mso 10]> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin-top:0cm; mso-para-margin-right:0cm; mso-para-margin-bottom:10.0pt; mso-para-m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ar 2000-01, it was engaged in the business of Investment and Consultancy. On 14.5.2001, the assessee-respondent filed the return declaring its income at ₹ 4,97,180/-. In the return of income the assessee-respondent has shown unsecured loans of ₹ 50,51,650/- ( ₹ 72,000/- in the name of Mrs. Pritpal Kaur and ₹ 49,79,650/- in the name of Shri Reetinder Sidhu). It is claimed that since the assessee-respondent did not respond to the notices issued under Sections 143(2)/142(1) of the Act, therefore, the taxable income was assessed at ₹ 55,92,580/- under Section 144 of the Act, which also included an addition of ₹ 50,51,650/- under Section 68 of the Act. 3. Challenging the order passed by the Assessing Office ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e cheques/drafts issued abroad, which were deposited in her bank account and FDRs were made in the first instances from the said amounts received. Later the said FDRs were encashed and the amount deposited in the saving account of Smt. Pritpal Kaur with Punjab Sind Bank, from where the cheques then issued to the assessee company. 15. The amount has by an error been shown to be received from Shri Reetinder Sidhu, as reflected in the balance sheet of the assessee company but in fact is the amount received from his mother Smt. Pritpal Kaur. The evidence of money received by Smt. Pritpal Kaur vide cheues/drafts from her son is furnished on record at pages 6 to 14 of the paper book and the copy of bank account of Smt. Pritpal Kaur evidencin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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