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2010 (2) TMI 646 - HC - Income TaxSearch and seizure - Scrutiny - Block assessment - Undisclosed income - unexplained investment of share capital in the names of the employees of the assessee is concerned, the learned counsel for the appellant is not able to state as to whether any investigation was carried out with regard to the persons who had submitted the share application money - In the instant case, except three persons all other persons have admitted that they have paid towards subscription of the shares It therefore cannot be held that there has been no explanation offered with regard to the investment received by way of share capital taking into account the fact that the persons had admitted that payment of the share subscription money except three persons - Decided in the favour of the assessee.
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