2016 (11) TMI 723

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ax (Appeals) have found that the money, in fact, was received by the company. In consideration thereof, shares were issued and amount has been credited to the appropriate account. If the shareholders have acquired the money illegally, the respondent-assessee cannot be held liable. There is nothing to show that the money belongs to the company/assessee itself. The Revenue must then proceed against .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ount of 15 shareholders having subscribed to the shares. The Assessing Officer came to the conclusion that these 15 applicants were farmers. It is contended before us that the farmers are not aware of the functioning of the share market. It was contended that the source of the money paid by the farmers is doubtful. 2. The shareholders had appeared before the Assessing Officer. The only grievanc .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X