https://www.taxtmi.com/caselaws?id=11751 Calcutta HC upheld the Assessing Officer's additions under section 68, finding the assessee failed to prove creditworthiness and genuineness of subscriptions; it set aside the orders of the Commissioner (Appeals) and the Tribunal. The court also held the entity did not qualify as a "company in which the public is interested" under section 2(18), so the AO's application of a 65% tax rate was affirmed and the Commissioner (Appeals)/Tribunal's reduction to 55% was set aside. Both questions were answered in favour of the Revenue. en-us Fri, 21 Mar 2003 00:00:00 +0530 Sat, 27 Sep 2025 14:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11751 Calcutta HC upheld the Assessing Officer's additions under section 68, finding the assessee failed to prove creditworthiness and genuineness of subscriptions; it set aside the orders of the Commissioner (Appeals) and the Tribunal. The court also held the entity did not qualify as a "company in which the public is interested" under section 2(18), so the AO's application of a 65% tax rate was affirmed and the Commissioner (Appeals)/Tribunal's reduction to 55% was set aside. Both questions were answered in favour of the Revenue. Case-Laws Income Tax Fri, 21 Mar 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11751