Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2010 (3) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2010 (3) TMI 724 - HC - Income TaxCash credits - If the company has received share amount from the intending shareholders, is it required for the respondent assessee to identify and establish the creditworthiness of the depositors - As per the judgment of the court passed in the case of CIT v. Steller Investment Ltd. [2000 -TMI - 40317 - SUPREME Court], held that it is not for the assessee to place material before the Assessing Officer in regard to the creditworthiness of the shareholders - If the company has given the addresses of the shareholders and their identity is not in dispute, whether they were capable of investing, the Assessing Officer shall investigate - It is not for the assessee-company to establish but it is for the Department to enquire with the investors about their capacity to invest the amount in the shares. - Decided in favor of assessee.
|