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2009 (7) TMI 846 - HC - Income TaxUnexplained income - Addition of income - In so far as the assessee-company is concerned, it is not disputed that money was paid to it towards the aforesaid share application money, by means of cheques - There is no dispute that this company had subscribed a sum of Rs. 25 lakhs for allotment of shares - It was pointed out that the court did not find any merit in the special leave petition for the simple reason that if the share application money was received by the assessee-company from the alleged bogus shareholders, whose names were given to the Assessing Officer, then, the Department was free to proceed to reopen their individual assessments in accordance with law - Thus, the conclusion was that the amount cannot be regarded as undisclosed income of the recipient assessee-company - Decided in the favour of the assessee
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