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2014 (3) TMI 895 - HC - Income Tax
Addition made u/s 68 of the Act – Unexplained cash credit – Held that:- The assessee disclosed the identity and address and particulars of share allocation of the shareholders - all the shareholders were in existence - Only nine shareholders subscribing to about 900 shares out of 6,12,000 shares were not found available at their addresses, and that too, in course of assessment proceedings in the year 1994, i.e., almost 3 years after the allotment - The Tribunal was of the view that there were materials to show that the assessee had disclosed the particulars of the shareholders - The factual findings cannot be interfered with, in appeal -once the identity and other relevant particulars of shareholders are disclosed, it is for those shareholders to explain the source of their funds and not for the assessee company to show wherefrom these shareholders obtained funds – thus, there is no reason to interfere in the findings of the Tribunal – Decided against Revenue.