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2014 (1) TMI 1087 - HC - Income TaxUnexplained cash credits - Held that:- Decision in COMMR. OF INCOME TAX Versus M/s LOVELY EXPORTS(PVT) LTD [2008 (1) TMI 575 - SUPREME COURT OF INDIA] followed - If the share application is received by the assessee from the alleged bogus shareholders, whose names are given to the AO, then the department is free to proceed to reopen their individual amounts in accordance with law, but it cannot be regarded as income of the assessee company - During the course of the assessment proceedings, the assessee made a detailed submission explaining source of the money and had furnished details of the PAN besides examining some of the shareholders on oath - The CIT (A) noted that all the aforesaid persons were assessed to tax and their identity had been established - Decided against Revenue.
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