CA NeWs Beta*: Income Tax Case law on Undisclosed sources

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Tuesday, November 1, 2011

Income Tax Case law on Undisclosed sources

CALCUTTA HIGH COURT
Status Home and Enclaves (P) Ltd. Versus Commissioner of Income-Tax, West Bengal-IV.
Income for undisclosed sources - promissory note payable in the name of company or in the name of director - Held that:- on the basis of such promissory note, the amount was not payable to the appellant but was payable to Shri Parikh who happens to be one of the Directors of the appellant. - Any promissory note promising to pay an amount to a Director of the company cannot be deemed to be an amount payable to the company and thus, the authorities below acted illegally in treating the amount payable under that promissory note to be an amount receivable by the appellant, the Company.
No. - I.T.A. No.268 of 2003
Dated - August 12, 2011

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