Once source is proved, it is not possible to treat deposits collected from public under provisions of Companies Act as unexplained credits

CASE LAWS DETAILS DECIDED BY: ITAT, COCHIN BENCH, COCHIN, IN THE CASE OF: The Mathrubhumi Printing & Publishing Co. Ltd. Vs DCIT, APPEAL NO: ITA Nos. 143 & 144/Coch/2006, DECIDED ON September 25, 2009 RELEVANT PARAGRAPH 10. There is no dispute on the fact that the assessee, a public limited company had accepted deposits from public as permitted by the Companies Act,1956 and following the rules and regulations provided thereunder. Even against constraints and the difficulty in tracing out the old records, the assessee company had placed before the assessing authority the relevant docum...