9911796707
TMI Blog2010 (9) TMI 183X X X X Extracts X X X X X X X X Extracts X X X X ..... licants, their income tax particulars and bank particulars along with the confirmation about making investments in the appellant company and copies of their income tax returns/audited statement of accounts duly reflecting the investments made by them in the appellant company – Held that: - share application money, in the present case, cannot be regarded as undisclosed income of the assessee under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tribunal on the ground that the identity of the shareholders was not in doubt. In fact, the CIT(A) in its order has observed as under :- "3.1 ………It is stated that during the year under consideration, the appellant company has received ₹ 22,50,000 and ₹ 23,40,000/- from Archit Finescrip Ltd. and At All Times Your Securities P. Ltd. respectively and the AO made th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... made by them in the appellant company. All this prove the identity of the creditors, genuineness of the transactions and the creditworthiness of the creditors especially when the above share appli9cants are companies registered under the Companies Act and that all the transactions took place by account payee cheques only. The AO has failed to discharge the onus which lies on him in proving as to h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essing Officer has also not raised any doubt in respect of the identity of the share applicants. In view of these facts, we confirm the order of the commissioner of Income Tax (Appeals) by following the judgment of the Hon'ble Apex Court rendered in the case of Lovely Exports Pvt. Ltd.(supra), wherein it was held by Hon'ble Apex Court that if the identity of the investors is established, the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X
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