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TMI Blog2010 (9) TMI 182X X X X Extracts X X X X X X X X Extracts X X X X ..... heir I.T. details & PAN wise provided to the Assessing Officer except for giving notice to the concerned persons under section 131 – Held that: - share application money, in the present case, cannot be regarded as undisclosed income of the assessee under Section 68 of the Act, 1961 – Appeal bereft of merit, is dismissed. X X X X Extracts X X X X X X X X Extracts X X X X ..... as not in doubt. In fact, the CIT(A) in its order has observed as under :- "4. I have considered the written submission of the appellant, gone through the case laws relied upon and also gone through the assessment order. After considering the entire material, it is seen that the assessee submitted list of all the share holders giving full name, addressees details of payment made by cheque (cheque ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... parties were assessed with the Income Tax department. Therefore before proceeding to make addition with regard to share application money the AO was required to discharge his burden as laid upon him under the law by bringing some material on record to disbelieve the claim of the assessee." 4. The Tribunal in its impugned order has also observed as under :- "4. Upon assessee's appeal the ld. CIT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the case of CIT Vs. Orissa Corporation Pvt. Ltd. 159 ITR 78 wherein it was held that in case the creditor does not appear in response to summon issued under section 131, no adverse inference can be drawn. Further, we find that the assessee had already submitted the names and addresses and IT details of the share applicants and under these circumstances the decision of the Hon'ble Apex Court deli ..... X X X X Extracts X X X X X X X X Extracts X X X X
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