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2011 (7) TMI 107 - HC - Income TaxTax liability - Sham and bogus transaction - Since, one of the directors of the assessee company was also a director in Minicon, there is nothing on record to show that the transaction between the assessee and Minicon is a sham transaction - In these circumstances , the decision of the Tribunal in holding that the amounts received by Minicon on account of letting out the premises were liable to be assessed in the hands of the assessee on the ground that the transaction between the assessee and Minicon was a sham and bogus transaction cannot be accepted - Decided in favour of assessee.
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