TaxTMI 
TaxTMI 
2010 (8) TMI 126
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....cknow Bench, Lucknow confirming the order passed by the CIT (A) by means of which the order passed by the Assessing Officer was set aside and addition of Rs. 36,00,000/- has been ordered to be deleted. Assessee is a company, with authorized capital 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. Th....
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....ave the capacity to invest such heavy amounts in the shares. It was thus found, that in fact it is a company's own income 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. Therefore, the total investment in the name of above persons as discussed vide Sl. no. 1 to 11, which is Rs.36,00,000/-....
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.... of the case. The revenue preferred an appeal before the Income Tax Appellate Tribunal, who agreed with the view taken by the CIT (A) and has also considered and dealt with the cases of various persons namely Smt. Madhu Lath, Miss. Sheela Purswani, Sri J.K. 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 inv....