https://www.taxtmi.com/caselaws?id=58512 The Tribunal upheld the CIT(A)'s decision, dismissing the Revenue's appeal. It found that while the assessee failed to prove the entries satisfactorily, the receipts could not be classified as income under section 68 of the IT Act. The Tribunal noted that the contributions were made by directors in benami names but did not conclusively establish them as the company's income. It emphasized that action could be taken against individuals involved in the scheme but not against the public limited company. en-us Mon, 08 Jan 1990 00:00:00 +0530 Mon, 20 Dec 2010 13:09:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58512 The Tribunal upheld the CIT(A)'s decision, dismissing the Revenue's appeal. It found that while the assessee failed to prove the entries satisfactorily, the receipts could not be classified as income under section 68 of the IT Act. The Tribunal noted that the contributions were made by directors in benami names but did not conclusively establish them as the company's income. It emphasized that action could be taken against individuals involved in the scheme but not against the public limited company. Case-Laws Income Tax Mon, 08 Jan 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58512