Dismissing the appeal of the assessee the Court held that the assessee failed to prove identity and creditworthiness of share holders. Summons served were retuned back with remark the addressees were not available . It was also found that shareholders were first time assessees and were not earning enough income to make deposits in question . Accordingly the addition was confirmed .(AY. 2007-08)
Konark Structural Engineering (P.) Ltd. v. Dy. CIT (2018) 254 Taxman 184 (Bom.)(HC)Editorial: SLP of assessee is dismissed, Konark Structural Engineering (P. ) Ltd. v. Dy. CIT (2018) 257 Taxman 262 (SC)
S. 68 : Cash credits – Share capital- Builder and developer- Failed to prove identity and creditworthiness of shareholders- Summons served were retuned back with remark the addressees were not available – Addition was held to be justified .[ S.131 ]