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2016 (11) TMI 723 - HC - Income TaxDoubtful source of the money paid by the farmers - Held that:- The shareholders had appeared before the Assessing Officer. The only grievance is that they had not appeared again. The matter pertains to questions of fact and the Tribunal and the Commissioner of Income-tax (Appeals) have found that the money, in fact, was received by the company. In consideration thereof, shares were issued and amount has been credited to the appropriate account. If the shareholders have acquired the money illegally, the respondent-assessee cannot be held liable. There is nothing to show that the money belongs to the company/assessee itself. The Revenue must then proceed against the shareholders. The appeal is, therefore, dismissed as no substantial question of law arises.
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