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2012 (8) TMI 813 - HC - Income TaxAddition on undisclosed income - Penalty u/s 271(i)(c) - ITAT deleted the addition - Held that:- On issuing summons to the share applicants only 9 could be served and on examining bank accounts of the share applicants from which the share application amounts were subscribed it was noticed a regularity, a pattern, in the methodology of infusing cash into the accounts, and within a short while afterwards, withdrawing sums to pay for the shares. The PAN/GIR numbers of the share applicants furnished by the assessee were not found to be correct, upon verification from the concerned Income Tax officers of the ward(s) in question. The assessee was given opportunity to produce the share applicants’ principal officers, but did not do so. The share applicants’ addresses too were incorrect - thus additions are warranted to be made on account of share application moneys not found to be genuine - against assessee.
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