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M/S. Dhanuka & Sons vs Commissioner Of Income-Tax on 19 April, 2011

10. In so far as the plea of the assessee that the investments in DPSC Ltd. were made through the loans obtained in the FY 2005-06 and such loan was completely discharged in FY 2005-06 and 2006-07 is concerned equally there is no documentary evidence before us and the bald statement of assessee does not take the place of legal evidence or proof. At this stage, we can profitably make a reference to the decision of the Jurisdictional High Court of Calcutta in Dhanuka & Sons Vs. CIT (2011) 339 ITR 319 (Cal), wherein it has held as under:
Calcutta High Court Cites 11 - Cited by 94 - B Bhattacharya - Full Document
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