2011 (6) TMI 496

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... claim of those two sister concerns – Held that:- once the sister concerns are assessed on the interest income from the very same deposits, the deposits cannot be treated as unexplained cash credit or unexplained investment on the respondent assessee, Income Tax Appeals are dismissed - ITA.No. 177 of 2001 - - - Dated:- 2-6-2011 - MR. Justice C.N.RAMACHANDRAN NAIR, MR. Justice P.S.GOPINATHAN, JJ. .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... me on these deposits as undisclosed income, and the settlement Commission accepted the claim of those two sister concerns, namely Nirmala Trust and Amala Finance, and allowed settlement in their cases. 3. Even though, learned Standing Counsel contended that the amounts held in the account of the respondent are completely assessable as cash credit because the credits were not proved, learned co .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X