TMI Blog2010 (8) TMI 126X X X X Extracts X X X X X X X X Extracts X X X X ..... me from undisclosed sources, which has been invested through various persons who in fact do not have actual capacity to invest such heavy amounts in the company - Held that: - Not only with respect to the capacity to pay but also in regard to the investment made and the source from where they have acquired the amount for being invested, findings of fact have been recorded besides holding that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ital of Rs.1,50,00,000/- and issued subscribed and paid up capital of Rs. 1,19,07,000/- for carrying on business in the relevant assessment year. The Assessing Officer has called for an explanation under section 133(6) and six persons were examined by issuing summons under section 131 of the aforesaid Act The assessee was required to produce 16 persons, whose statements on oath were taken regardin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amounts in the company. Therefore, the total investment in the name of above persons as discussed vide Sl. no. 1 to 11, which is Rs.36,00,000/- is nothing but assessee's income from undisclosed sources and hence the same is added back to its total income.? In appeal before the CIT(A), the plea of the assessee was that the persons who were the investors, are the income tax payee and the invest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Jain Smt Beena Jain and Sri Govind Prasad Lath and Dropadi. Not only with respect to the capacity to pay but also in regard to the investment made and the source from where they have acquired the amount for being invested, findings of fact have been recorded besides holding that the source of investment was? established beyond doubt. The investors were duly identified and they have the capacity ..... X X X X Extracts X X X X X X X X Extracts X X X X
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