9911796707
TMI Blog2007 (5) TMI 552X X X X Extracts X X X X X X X X Extracts X X X X ..... einafter referred to as the Act ) has been filed by the two assessees which has been admitted by this Court vide order dated 26-9-2006 on the following substantial question of law: "Whether under the facts and circumstances of the case, the Tribunal was justified in not deciding the controversy involved in the appeal, when all the relevant material was available to it and as such the controver ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and Shri R.K. Upadhyaya, learned Standing Counsel for the revenue. 4. Learned counsel for the appellant submitted that no addition under section 68 could be made in respect of the subscription amount towards the share capital of a company limited by shares whether it is private or public and in support thereof a Division Bench decision of the Delhi High Court has been referred in the case of CIT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... It may be that there are some bogus shareholders in whose name shares had been issued and the money may have been provided by some other persons. If the assessment of the persons who are alleged to have really advanced the money is sought to be reopened, that would have made some sense but we fail to understand as to how this amount of increased share capital can be assessed in the hands of the co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Delhi High Court but as the Apex Court has decided the Civil Appeal expressing in agree- ment with the reasoning given by the Delhi High Court, it would amount to confirmation of the principles laid down by the Delhi High Court. 9. In view of the settled legal position, the Tribunal was, therefore, not justified in remanding the matter to the Assessing Officer for further enquiries and ought ..... X X X X Extracts X X X X X X X X Extracts X X X X
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