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TMI Blog2009 (7) TMI 846X X X X Extracts X X X X X X X X Extracts X X X X ..... ment of shares - It was pointed out that the court did not find any merit in the special leave petition for the simple reason that if the share application money was received by the assessee-company from the alleged bogus shareholders, whose names were given to the Assessing Officer, then, the Department was free to proceed to reopen their individual assessments in accordance with law - Thus, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Act and added it to the income of the assessee. Against this order of assessment, the assessee preferred an appeal before the Commissioner of Income-tax (Appeals) which was allowed by the Commissioner of Income-tax (Appeals) thereby deleting the addition made by the Assessing Officer. This order has been affirmed by the Income-tax Appellate Tribunal in appeal preferred by the Income-tax Office ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es. It is not for the assessee-company to probe as to the source from where M/s. Diamond Proteins Ltd. collected the aforesaid money. It was for the Assessing Officer, in these circumstances to inquire into the affairs of M/s. Diamond Proteins Ltd. which is an independent company inasmuch as no finding is arrived at by the Assessing Officer that the two companies are umbrella companies or have any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... artmental representative was drawn towards the decision of the hon'ble Supreme Court in the case of CIT v. Lovely Exports P. Ltd. [2008] 216 CTR 195 ; [2009] 319 ITR (St.) 5. The question before the hon'ble court was, can the amount of share application money be regarded as undisclosed income under section 68 of the Income-tax Act, 1961 ? It was pointed out that the court did not find any merit i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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