The Commissioner Of Income-Tax,Tamil ... vs City Mills Distributors (P) Ltd on 5 February, 1996
"Is the Tribunal right in holding that liability
to pay tax in respect of the unexplained deposits
of Rs. 1,61,895/- did not arise on the ground
that the company was incorporated on 14.2.85
while the cash credits were shown to have been
introduced in the books of accounts of the
company on 16.1.85, and in relying upon the
decision of the Supreme Court in CIT v. City
Mills Distributors (P) Ltd., reported in 219 ITR
1, and not taking into account the aspect of
ratification by the company of the deposits in
question, the genuineness of which could not be
established during the assessment?"