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2009 (8) TMI 53 - HC - Income TaxInterpretation of provisions of section 69B and 69C piercing of the corporate veil - The Assessing Officer made additions to the declared income under Section 68 of the Act in respect of amount purported to have been paid to its Directors as chit money. It was held that payments were not in fact made and the amount remained available with the assessee as its income. The CIT(A) deleted the said additions ITAT reversed the order of CIT(A) Held that - The Tribunal has found that the amount representing payment to chit holders was in fact paid to Suresh Chand Gupta, a Director of the assessee, which was a private company controlled by the recipient of the amount. The amount was available with the assessee itself and payments were made representing expenditure which was never incurred. The amount was, thus, available with the assessee as undisclosed income which justified additions made by the Assessing Officer order of ITAT upheld
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