Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2011 (7) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (7) TMI 661 - HC - Income TaxUnexplained cash credit u/s 68 - editworthiness of Shri G.L. Sharma father of the Managing Director of the company not being disclosed - Held that:- As far as share applicants' money are concerned, the assessee has proved the identity of the applicant. Mode of receipt of the money and also raised the plea that these amounts have also been received prior to the commencement of the commercial production proved. Regarding a sum of Rs. 1,65,000/- appearing in the name of Shri Jitender Kumar Sharma it was submitted that this investment was made on receipt of money from Shri GL Sharma. The addition has been made on the ground that creditworthiness of Shri G.L. Sharma has been doubted. How he could have given loan to Shri Jitender Sharma. Since the addition appearing against the name of Shri GL Sharma deleted on same logic this addition is also not sustainable. More particularly, the identity of share applicant has not been doubted delete the addition - in favour of assessee.
|