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Unexplained Funds Routed to Assessee Company to Result in Additions in Hands of Both the Parties
Case Law Details
- Case Name
- Commissioner of Income Tax Vs M/s Trinetra Commerce and Trade pvt. ltd. (Calcutta High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 1995-1996
- Courts
- All High Courts, Calcutta High Court
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CA Isha Seth
Relevant Sections:
Section 68. Where any sum is found credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the sum so credited may be charged to income-tax as the income of the assessee of that previous year :
Provided that where the assessee is a company (not being a company in which the public are substantially interested), and the sum so credited consists of share application money, share...
