2018 (6) TMI 1123

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....Sri.P. Benny Thomas And Sri.K.John Mathai For The Respondent : Adv. Sri.P.K.R.Menon,SR.Counsel, GOI(Taxes) And Adv. Sri.Jose Joseph, SC, For Income Tax JUDGMENT Vinod Chandran, J. We are of the opinion that only two questions arise in the above appeals filed by the assessee against the common order of the Tribunal, which from the memorandum, we extract here under: "ii. Whether....

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....ad received amounts from the company as loans, respectively of Rs. 4,00,000/-, Rs. 2,50,000/-, Rs. 8,00,000/- and Rs. 27,00,000/-. Returns were filed by the assessee without disclosing the said loans as income. The Assessing Officer under Section 147 issued notice for escapement of income treating the loans received as deemed income under Section 2(22)(e) of the Income Tax Act, 1961. The assessee ....

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.... the minutes book of the Board of Directors to advance their contention. The Assessing Officer found that the public documents; the annual returns filed before the Registrar of Companies, indicate the assessee having more than 10% holding of shares in the company. The other documents, which were the registers, in the custody of the Company, could be interpolated and are not reliable evidence to ab....

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....ntly this was decided against the assessee. 5. If the assessee had made such transfers and registered it with the Company as stipulated under the Companies Act, 1956, specifically Sections 108 to 112 dealing with transfer of shares and debentures, necessarily the transfer would have been registered by the Company and share certificates issued in the name of the transferee. If that was done, it ....