2002 PTD 1094

Case Laws / Head Notes / Paras

Subscribed capital/Increase/Tribunal finding not a device for converting black money into white with the being of investment company/No question of law arises -Indian Income Tu Act, 1961, S.256(2).From the decision of the High Court (see (1991) 192 ITR 287 declining to call for a reference from the decision of the Appellate Tribunal that the increase in subscribed capital of the responden company could not be a device of converting black money into whi with the help of formation of an investment company, on the groun that, even if it be assumed that the subscribers to the increased capital were not genuine, under no circumstances could the amount of sha capital be regarded as undisclosed income, an appeal was taken by th Department to the Supreme Court. The Supreme Court dismissed the appe...