Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2010 (5) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2010 (5) TMI 563 - HC - Income TaxAddition - unexplained share application money - Tribunal recorded that all payments were received by cheques and were credited in the bank account of the respondent; the share application forms contained all details of the depositors; their confirmations were clear with all addresses; and that they were on the departmental records as tax-payers - Tribunal was of the view that the assessee had given the names and addresses of the share applicants, it was within the knowledge of the revenue that the said share applicants were assessed to Income-tax, hence the burden was on the revenue to make further inquiry - In absence of any findings recorded by the Assessing Officer to the effect that the share applicants are bogus, there is nothing on record to doubt or disbelieve the confirmations and application forms submitted by the depositors - Whether burden has been discharged or not is a question of fact - Decided in the favour of assessee
|