MAK DATA P. LTD Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) Leave granted.

(2.) The Appellant-assessee filed his return of income for the assessment year 2004-05 on 27th October, 2004, declaring an income of Rs.16,17,040/- along with Tax Audit Report. The case was selected for scrutiny and notices were issued under Sections 143(2) and 142(1) of the Income Tax Act.

(3.) The AO after verifying the details and calculations of the share application money accepted by the Company completed the assessment on 29.12.2006 and a sum of Rs.40,74,000/- was brought to tax, as "income from other sources" and the total income was assessed at Rs.57,56,700/-.