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1 - 6 of 6 (1.34 seconds)Uganda Industries Co. vs Commissioner Of Income-Tax on 28 June, 1985
5. Appellant has drawn our attention to the cash flow chart, enclosed as
annexure-4 to the appeal, and submits that Rs.1,52,00,000/- was withdrawn in
cash from the joint bank account on different dates between 3.5.2010 till
4.1.2011. Rs.82,00,000/- was deposited in cash on different dates between
24.5.2010 till 31.1.2011. Revenue, it is argued, accepts that the appellant and
other joint account holders had an over draft facility and the amounts withdrawn
were for construction of a building belonging to the three joint account holders
and the surplus money, when not required, was re-deposited. Findings of the
Income Tax Appellate Tribunal in not accepting the explanation of the appellant
are perverse. Our attention is drawn to the judgment of the Gujarat High Court in
Uganda Industries Co. v. CIT, (1986) 158 ITR 567(Guj.)
Poona Electric Supply Co. Ltd vs Commissioner Of Income-Tax, Bombay on 19 April, 1965
and decision of this
Court in Sona Electric Co. v. CIT, (1985) 152 ITR 507(Del.).
Sai University Act, 2018
Section 69 in The Income Tax Act, 1961 [Entire Act]
Section 260A in The Income Tax Act, 1961 [Entire Act]
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