2014 (12) TMI 146

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....ther, in the facts and under the circumstances of the case, the ITAT was right in holding that interest income on the share application money deposited in the bank amounting to Rs. 1,12,801/- was the income accrued to the appellant during the previous year relevant to the assessment year under consideration ?" 3. The facts in brief are that the assesseecompany got Certificate of Incorporation on 23rd November, 1993. During the previous year relevant to Assessment Year 199596 the assessee company invited share application money for allotment of some share at premium. The total amount received by the assessee on account of share application money was Rs. 1,27,93,600/-. The assessee kept the amount in bank. Return of income for 199596 was f....

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....it. He relied upon the decision of this Court in the case of Commissioner of Income Tax-IV Vs. Shree Rama Multi Tech Ltd., reported in [2013] 32 taxmann. Com 296 (Gujarat) as well as unreported decision of this court rendered in Tax Appeal No.315 of 2010 decided on 26.07.2011. 5. We have heard learned advocates for both the parties and perused the material on record. While deciding the Appeal, the Tribunal in paragraph Nos.10 to 14 of its order observed as under:              10. Once it is held that the share application money received by the assessee was for all intents and purposes, except the prohibition put by the provision of section 69 of the Companies Act, the assesse....

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....p;      "173. The company shall keep at the office or at such other place in India as the Board think fit, proper Books of Account in accordance with section 209 of the act with respect to             (a) All sums of money received and expended by the company and the matters in respect of which the receipts and expenditure take place (b) All sales and purchases of goods by the company             (c) The assets and liabilities of the company.         There the Board decides to keep all or any of the books of account at any place other than the office of the Company....