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2018 (5) TMI 1491 - HC - Income TaxStay of recovery of demand - Taxation of unexplained cash credits u/s 68 - whether assessee is entitled for exemption u/s 80P - the assessee has has credited in their books of account cash receipts and despite of several notices, the assessee has not divulged the source thereof - Held that:- if the asessee divulged the sources of the cash credits referred to by the assessing officer when called for, a situation of this nature would not have arisen - if the assessee is compelled to pay 50% of the demand as ordered by the appellate authority, the business of the assessee is likely to be crippled and in that event, the customers of the petitioner including their depositors would also suffer - thus assessee to pay 20% of the demand in 6 equal monthly instalments - decided partly in favor of assessee
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