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2017 (6) TMI 406 - HC - Income TaxUnaccounted share purchase - Held that:- Revenue has been unable to show that the factual finding of the ITAT that the shareholders register maintained by ICPL as well as the returns filed by it with the Registrar of Companies showed that the shares were in fact transferred to WDPL and not to any of the individual Assessees is perverse. The Court, therefore, declines to frame any substantial question of law on this issue. Unaccounted receipt from contractors - Held that:- In the statement recorded under Section 132(4) Assessee pointed out that this was not an amount paid to him in his individual capacity but the company of which he was Director and which is a separately assessed. The CIT (A) held that was no document had been placed on record by the AO to show that the said sum was in fact received by the Assessee. This factual finding has been affirmed by the ITAT. Since there are concurrent findings of facts against the Revenue and in favour of the Assessee, the Court is not inclined to frame any substantial question of law in this regard. Unexplained payment in cash as a result of the family settlement - Held that:- Here again, the ITAT has deleted the additions on account of the cheques not having been encashed and the shares not being transferred. Therefore, no substantial question of law arises from this issue as well
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