2010 (3) TMI 724

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....order passed by the Commissioner of Income-tax, which has been affirmed by the Income-tax Appellate Tribunal, Bangalore in I.T.A. No. 1030/Bang/2002 dated September 30, 2004 raising the following substantial questions of law :   "(1) Whether the appellate authorities were correct in holding that the creditworthiness of the shareholders would stand proved by identifying the shareholders and....

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....rned counsel for the parties. 3. The assessee is a company carrying on the business as a spinning mill. For the assessment year 1996-97, the return of income was filed declaring nil income. The Assessing Officer while passing an order of assessment noticed that certain amounts were deposited by the third parties in the assessee-company and that those deposits were unexplained cash credits. Ther....

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....he present appeal is filed.   5. The short question that arises for our consideration in this appeal is :   "If the company has received share amount from the intending shareholders, is it required for the respondent assessee to identify and establish the creditworthiness of the depositors."   6. The question raised in this appeal is squarely covered by several judgments of....