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TMI Blog2018 (6) TMI 1123X X X X Extracts X X X X X X X X Extracts X X X X ..... Mathai For The Respondent : Adv. Sri.P.K.R.Menon,SR.Counsel, GOI(Taxes) And Adv. Sri.Jose Joseph, SC, For Income Tax JUDGMENT Vinod Chandran, J. We are of the opinion that only two questions arise in the above appeals filed by the assessee against the common order of the Tribunal, which from the memorandum, we extract here under: "ii. Whether on the facts and circumstances of the case the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ely of Rs. 4,00,000/-, Rs. 2,50,000/-, Rs. 8,00,000/- and Rs. 27,00,000/-. Returns were filed by the assessee without disclosing the said loans as income. The Assessing Officer under Section 147 issued notice for escapement of income treating the loans received as deemed income under Section 2(22)(e) of the Income Tax Act, 1961. The assessee contended that she did not have 10% shares to be covered ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ir contention. The Assessing Officer found that the public documents; the annual returns filed before the Registrar of Companies, indicate the assessee having more than 10% holding of shares in the company. The other documents, which were the registers, in the custody of the Company, could be interpolated and are not reliable evidence to absolve the liability to tax. The Assessing Officer rejected ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see had made such transfers and registered it with the Company as stipulated under the Companies Act, 1956, specifically Sections 108 to 112 dealing with transfer of shares and debentures, necessarily the transfer would have been registered by the Company and share certificates issued in the name of the transferee. If that was done, it would find reflection in the annual returns filed by the Compa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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