2008 (4) TMI 232

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..... had not furnished full and true particulars of its income - Tribunal was justified in holding that the re-assessment proceedings as well as the notice issued to the Assessee for reassessment were without any justification.
MADAN B. LOKUR and V.B. GUPTA JJ. R. D. Jolly, for the appellant. Dr. Rakesh Gupta with Ms. Poonam Ahuja, for the respondent. JUDGMENT 1. The Revenue is aggrieved by an .....

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..... loans, had accumulated profits and provisions of section 2(22)(e) were invoked. During the A.Y. 1996-97 also the Assessee company received a loan of Rs.1,96,68,192/- from M/s Mokul Overseas Pvt. Ltd. which had accumulated profits of Rs.2,22,73,533/-. There are common Directors in these companies who are also the shareholders. I have reason to believe that deemed dividend of an amount of Rs.1,96,6 .....

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..... ssed by the Tribunal that the original assessment was framed under Section 143(3) of the Act. The Assessee was required to file the list of shareholders with the complete address as on 31st March, 1996, which it did; the Assessee also filed confirmation dated 29th January, 1998 of M/s Mokul Overseas Pvt. Ltd. certifying its closing balance; the confirmation given by M/s Mokul Overseas Pvt. Ltd. al .....

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