9911796707
TMI Blog2009 (9) TMI 621X X X X Extracts X X X X X X X X Extracts X X X X ..... Tribunal has followed the decision of the Hon'ble Supreme Court in COMMR.OF INCOME TAX VERSUS M/S LOVELY EXPORTS(PVT)LTD. (2008 -TMI - 76942 - SUPREME COURT OF INDIA)as well as the decision of the Hon'ble jurisdictional High Court in the case of Vyankateshwar Ispat (P) Ltd - Revenue's appeal stands dismissed. X X X X Extracts X X X X X X X X Extracts X X X X ..... y the assessee were not clear and the bank accounts were also not produced as required, hence, he added the same as unexplained cash credit under s. 68 of the Act. 5. Being aggrieved by the order Of the AO, the assessee carried (the matter) in appeal before the learned CIT(A) wherein detailed submissions were made in regard to factual as well as legal aspects. The assessee also placed reliance on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ingredients of s. 68 insofar as they relate to the crux of the issue, under consideration have been abundantly proved beyond all shadows of doubt. Since the share applicants are being assessed to income-tax and their assessment particulars are before the AO, the assessee should be deemed to have discharged the burden cast upon it to prove the identity, creditworthiness and genuineness of the shar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on the order of the AO whereas the learned counsel for the assessee, besides reiterating the submissions made before the authorities below, placed reliance on the order of the learned CIT(A). He further placed reliance on the decision of the Tribunal in the case of Chhattisgarh Steel Casting (P) Ltd. vs. Asstt. CIT (2008) 8 DTR (Bilaspur) (Trib) 14 and referred to pp. 151 and 170 of the paper boo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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