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2011 (7) TMI 235 - HC - Income TaxPenalty - Deduction u/s 36(1)(iii) - Undisclosed income - assessee had received Rs. 42,78,756 as share application money through private persons - assessee was unable to establish the identity, creditworthiness and the genuineness of the transaction so as to escape from the provisions of section 68 of the Act - primary onus lies upon the assessee to establish that the assessee is not liable for addition under section 68 of the Act as the amount in fact belongs to the persons who had applied and submitted share application money - Decided against the assessee Regarding Deduction u/s 36(1)(iii) - assessee had paid the amount of interest relating to expansion of its business prior to the utilization of the machinery, the Tribunal had categorically held that the assessee had borrowed the loans which were utilized for making the advances for acquisition of new asset - Decided against the assessee
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