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2017 (9) TMI 839 - HC - Income TaxAddition u/s 68 - unexplained cash credit - source of money received in share applications etc - Held that:- In some of the cases, signature of the applicants in the bank slip differ with the application in the share application form. Many of the bank slips were signed by one person. Apparently, cash for 32 applicants was handed over by one person of the entire amount. The demand drafts were issued by Wadhwan city branch of the bank whereas the applicants were living at different places such as Kherwa, Patdi, Nana Ankleshwar, etc. Learned counsel for the appellant however, relied on decision of Supreme Court in case of Commissioner of Incometax v. Lovely Export(Private) Limited [2008 (1) TMI 575 - SUPREME COURT OF INDIA ]. Such judgment however, cannot be applied in a case where the genuineness of the investors in under serious doubt and Revenue after giving reasonable opportunity to the assessee and on the basis of materials collected, has come to the conclusion that the investors were not genuine which finding the Tribunal has confirmed - Decided against the assessee.
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