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1 - 4 of 4 (0.18 seconds)Section 131 in The Income Tax Act, 1961 [Entire Act]
Pr. Commissioner Of Income Tax ... vs Hma Food Export Pvt. Ltd. on 6 September, 2023
3.1. Apropos Smt. Indira Maharaj, it is contended that a copy of passport
of Ms. Indira Maharaj was furnished, which proves her identity and address.
The photocopy of the passport itself shows that she is citizen of Republic of
Trinidad & Tobago and maintaining bank account with UTI Bank Ltd.
bearing no. 066010100083933 mentioning her Trinidad address. A copy of
which has been furnished before AO. The immediate source of funds
received by the assessee company is a deposit of US$ 143288.25 on
18.07.2003 converted in India currency is Rs. 66,14,186/- out of which Rs.
66,00,000/- have been received by the assessee company. The banks are
agents of RBI in respect of foreign exchange transactions and follow the
procedures laid down by the RBI. The handwritten items in the bank
passbook are not relevant for the purposes of the case of the assessee
company. The assessee company has no control over the other transactions
mentioned in bank accounts of Ms. Indira Maharaj. Due to computerization
the bank account number are exclusive and not branch dependent."
The Income Tax Act, 1961
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