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Issues involved: Appeal against order u/s 147 of Income Tax Act, 1961 regarding addition of share application money.
Summary: The appeal was filed against the order passed by the Income Tax Appellate Tribunal related to the assessment year 2002-2003. The Assessing Officer had made an addition of &8377; 11 lakhs on account of alleged share application money received by the assessee company from three parties: M/s Chintpurni Credit and Leasing P. Ltd., M/s. Sober Associates P.Ltd., and M/s. Rahul Fin-lease P Ltd. The Income Tax Appellate Tribunal found that the identities of the three share applicants were established as they were private limited companies, regular income-tax assesses, and had submitted various supporting documents such as affidavits of their Directors, certificates of confirmation, Bank Statements, balance sheets, and Income-tax returns for the assessment year 2000-2001. The Tribunal referred to the decision of the Supreme Court in the case of CIT vs. Lovely Exports Pvt. Ltd and based on the information and particulars available on record, deleted the addition. The order of the Commissioner of Income-tax (Appeals) was upheld in this regard. No substantial question of law was found to arise for the consideration of the court, as no infirmity in the decision was pointed out by the appellant's counsel. Consequently, the appeal was dismissed.
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