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TMI Blog2010 (4) TMI 103X X X X Extracts X X X X X X X X Extracts X X X X ..... f the assessee particularly when the identity and the creditworthiness of the applicants have been established. There is a finding in the order passed by the Commissioner of Income Tax (Appeals) that all the 16 parties, who had applied for the shares and had made the payments towards share capital, had been summoned by the Assessing Officer and that the said parties had confirmed their identify, c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the parties. The delay is condoned. These applications stand disposed of. ITA 1239/2009 ITA 1245/2009 1. These two appeals preferred by the revenue arise out of the common order dated 21.011.2008 passed by the Income Tax Appellate Tribunal passed in respect of the block period 01.04.1990 to 25.05.2000 and arise out of IT (SS) A No. 209/Del/2003 and IT (SS) A No. 211/Del/2003. 2. Additions ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s on account of Rs 79 lacs which was received by the company Intex Technology India Ltd as share application money and the other was of an amount of Rs 4,64,000/- on account of commission allegedly paid to one Mr Dinesh Kumar Sharma for allegedly obtaining accommodation entries as a corollary to the said share application money. 4. The Commissioner of Income Tax (Appeals), as noted above, delete ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... held that the amount of share capital received by the assessee cannot be regarded as undisclosed income of the assessee particularly when the identity and the creditworthiness of the applicants have been established. There is a finding in the order passed by the Commissioner of Income Tax (Appeals) that all the 16 parties, who had applied for the shares and had made the payments towards share cap ..... X X X X Extracts X X X X X X X X Extracts X X X X
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