2001 (3) TMI 816 - AT - Income Tax

Summary

The Appellate Tribunal ITAT Ahmedabad allowed the appeal by the assessee against the order of the CIT(A)-IV, Baroda, which wrongly made an addition of Rs. 2,12,000 on account of alleged unexplained investment in shares of the assessee-company. The Tribunal held that the investment in shares by certain individuals cannot be considered undisclosed income based on the Supreme Court decision in the case of CIT v. Steller Investment Ltd. The appeal was allowed in favor of the assessee.