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2011 (1) TMI 29 - HC - Income TaxCredit worthiness of depositors - additions u/s 68 - assessee is a public limited company and the deposits were invited by public notice and not privately. It is also important to note that total deposits in this year, which was received, were to the tune of Rs.2.61 crores and the Assessing Officer has raised dispute only qua 18 persons and whose total deposits are Rs.18.00 lakhs - Held that: - By giving the information, which was available with the assessee in the form received in the aforesaid application form filled by the depositors in the aforesaid circumstances, discharged the initial onus. In a case where public company receives the deposit through public notice and not privately and various depositors make the deposits, it is possible that at relevant time, the assessing company is not in a position to take the confirmation from each and every depositor. The deposits of those eight persons are nominal in nature when compared to the total deposits received by the assessee. Moreover, the information given in the application forms submitted by these depositors would have served the purpose and it cannot be said that the assessee did not discharge the onus. - Decided in favor of assessee.
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