9911796707
TMI Blog2008 (7) TMI 546X X X X Extracts X X X X X X X X Extracts X X X X ..... preciating the evidence on record., no substantial question of law rose. - 375 of 2008 - - - Dated:- 30-7-2008 - K. A. Puj and BANKIM N. MEHTA JJ. Mrs. Mauna M. Bhatt and Manish R. Bhatt for the appellant. None appeared for the respondent. JUDGMENT The judgment of the court was delivered by 1. K. A. Puj J.-Heard Mrs. Mauna M. Bhatt, learned standing counsel appearing for the Revenue. 2. The Revenue has filed this tax appeal under section 260A of the Income-tax Act, 1961 ("the Act" for short) for the assessment year 2002-03 pro-posing to formulate the following substantial questions of law for the determination and consideration of this court : "(A) Whether from the facts and circumstances of the case the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Being aggrieved by the said order of the Assessing Officer, an appeal was filed before the Commissioner of Income-tax (Appeals)-II, Ahmeda-bad, who had confirmed the said additions. 6. Being further aggrieved by the order of the Commissioner of Income-tax (Appeals), the assessee took up the matter before the Income-tax Appellate Tribunal and the Tribunal has deleted the additions of Rs. 50 lakhs. 7. In the above factual background, the present tax appeal is filed by the Revenue. 8. Mrs. Mauna Bhatt, learned standing counsel for the Revenue, has submitted that both the Assessing Officer as well as the learned Commissioner of Income-tax (Appeals) considered the facts and circumstances of the case and the addition of Rs. 50 lakhs made b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ive applicants for investment in M/s. Ujala Dyeing and Printing Mills Pvt. Ltd. (iv) Details of <?xml:namespace prefix = st2 /> D. D. through which amounts were invested ; (v) Acknowledgment of return of income held by all the five share applicant-companies for the assessment year 2002-03 ; (vi) Duly audited balance-sheet of all the five share applicant-companies for the financial year 2001-02 along with the audit report. 11. On making independent inquiry by the Assessing Officer by issuing notice under section 133(6) to all the five share applicant-companies, the following further details were supplied by them ; (a) Covering letter in reply to the said notice by speed post ; (b) Explanation of the sources from which in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ditworthiness of the five companies and on that count, additions were made. Even while appreciating the evidence, the learned Commissioner of Income-tax (Appeals) has observed in his order that the Assessing Officer has made intensive inquiry to unearth the assessee's own money coming in the form of share application money from such companies which do not have source. He has further observed that the three ingredients, namely : (1) identity of the creditor ; (2) his creditworthiness ; and (3) genuineness of the transactions, are not fulfilled. He had, therefore, confirmed the additions made by the Assessing Officer. On these very materials, the Tribunal has come to a finding that the assessee has clearly discharged its onus of proving ident ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
