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TMI Blog2010 (3) TMI 724X X X X Extracts X X X X X X X X Extracts X X X X ..... nvestment Ltd. [2000 -TMI - 40317 - SUPREME Court], held that it is not for the assessee to place material before the Assessing Officer in regard to the creditworthiness of the shareholders - If the company has given the addresses of the shareholders and their identity is not in dispute, whether they were capable of investing, the Assessing Officer shall investigate - It is not for the assessee-co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roof to show their creditworthiness ? (2) Whether the appellate authorities were correct in recording a finding that the shareholders were genuine and therefore their credit worthiness would stand proved without examining or relying on any evidence to substantiate such a claim and consequently recorded a perverse finding ? (3) Whether the Tribunal was correct in holding that the order pas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tire amount of share deposits was brought to tax in the hands of the assessee. 4. The assessee filed an appeal before the Commissioner of Income-tax (Appeals), Bangalore and on March 8, 2000, the order was passed by the Commissioner allowing the appeal and set aside the assessments and remitted the matter back to the Assessing Officer to pass an order afresh. On remand, though the assessee was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3 ITR 111 (Karn) wherein this court following the judgments of the Supreme Court in the case of CIT v. Lovely Exports P. Ltd. reported in [2008] 216 CTR (SC) 195 ; [2009] 319 ITR (St.) 5 (SC) and also in the case of CIT v. Steller Investment Ltd. [2001] 251 ITR 263 (SC) has ruled that it is not for the assessee to place material before the Assessing Officer in regard to the creditworthiness of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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