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2011 (4) TMI 1161 - HC - Income TaxWhether Tribunal is right in holding that section 68 of the Income-tax Act, 1961 does not apply to the co-operative bank for assessing the unexplained credits as taxable income - addition of the said amount, on account of peak balance standing in the name of the various depositors - S. Swaran Singh was the account holder of account No. 1108. He was one of the directors of the bank and so he needed no independent introduction to open his account with the assessee-firm. His independent existence also stands proved by the entries through clearing in account -Shri Pawan Sharma was the introducer to account No. 1658. His statement was recorded by the Assessing Officer under section 131 of the Act. He also confirmed knowing the account holder – Held that:- amounts mentioned above cannot be said to be unexplained credits in the hands of the assessee, under section 68 of the Act, decision against the Revenue and the appeal is dismissed
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