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2008 (6) TMI 136 - HC - Income TaxCash credits – business of predecessor entity was transferred as a going concern to assessee-company - Is the Tribunal right in holding that liability to pay tax in respect of the unexplained deposits did not arise on the ground that the company was incorporated on 14-02-85 while the cash credits were shown to have been introduced in the books of accounts of the company on 16-01-1985 – Held, yes – tribunal had found as a matter of fact that there were no fresh credits
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