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2017 (11) TMI 503 - AT - Income TaxAddition as unexplained cash credit - share application money received from Smt. Pammi Sandesara, daughter of one of the directors of the assessee-company - Held that:- We have noticed that the relationship between the assessee-company and the shareholder is well established in the sense that the shareholder is the daughter of one of the directors of the company. It is, therefore, not a transaction between two strangers. We have also noticed that the earning statements of Smt. Pammi Sandesara’s husband and her bank accounts show prima facie evidence of the means of the shareholder. The amounts have been received through the banking channels. Bearing in mind all these factors, in our considered view, the receipts from Smt. Pammi Sandesara cannot be treated as unexplained cash credit. We, therefore, deem it fit and proper to delete the impugned addition - Decided in favour of assessee.
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