TMI Blog2010 (7) TMI 39X X X X Extracts X X X X X X X X Extracts X X X X ..... cash deposit or by “clearing” just before issuing cheques of almost equivalent amount. – Held that: - since the identity of the share applicants has been established and it has been found that the said applicants are corporate assessees who were assessed to tax with the Income Tax Department, we are of the view that in the present case no substantial question of law arises – revenue appeal dismiss ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e tax return or confirmation of creditors does not prove the creditworthiness and identity of a creditor specially when the creditor's bank accounts revealed credit by way of cash deposit or by "clearing" just before issuing cheques of almost equivalent amount. In this connection, Ms. Chopra relies upon certain observations in the order passed by the Assessing Officer. 3. However, upon perusal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1, the Supreme Court in the case of Commissioner of Income Tax Vs. Lovely Exports (P) Ltd., 216 CTR 195 (SC) has stated as under :- "2. Can the amount of share money be regarded as undisclosed income under s. 68 of IT Act, 1961? We find no merit in this Special Leave Petition for the simple reason that if the share application money is received by the assessee company from alleged bogus shareho ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
