9911796707
TMI Blog2011 (7) TMI 661X X X X Extracts X X X X X X X X Extracts X X X X ..... t creditworthiness of Shri G.L. Sharma has been doubted. How he could have given loan to Shri Jitender Sharma. Since the addition appearing against the name of Shri GL Sharma deleted on same logic this addition is also not sustainable. More particularly, the identity of share applicant has not been doubted delete the addition - in favour of assessee. - ITA Nos. 1150 of 2009 and 596 of 2010 - - - Dated:- 25-7-2011 - A.K. Sikri and M.L. Mehta, JJ. Kiran Babu for the Applicant. Salil Kapoor, Sanat Kapoor and Ankit Gupta for the Respondent. ORDER 1. In the return filed by the respondent/assessee in respect of assessment year 2001-02, the Assessing Officer found that the assessee had received fresh share application/money of R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see had accepted the contention of the assessee that Mr. G.L. Sharma was a person of means and subscribed to the share capital and had sufficient means to cash credit of Rs. 2,25,000/-. The findings of the Tribunal in this respect are as under:- "We have duly considered the rival contentions and gone through the records carefully. The contention of the assessee is that this is the first year of the company and before commencement of commercial production, the shares application money has been received by it. Apart from this assessee has prove the identity of the share applicant Shri G.L. Sharma. It has also proved the genuineness of the transaction. The only objection of the revenue emerges out from the record is that Shri G.L. Sharma ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tworthiness of Shri G.L. Sharma has been doubted. How he could have given loan to Shri Jitender Sharma. Since we have deleted the addition appearing against the name of Shri GL Sharma on same logic this addition is also not sustainable. More particularly, the identity of share applicant has not been doubted. In that situation, the decision of Hon'ble Delhi High Court in the case of Sophia Finance Ltd. 205 ITR 98 is applicable on the facts and circumstances of the case. As far as cash credits appearing in the name of six persons noted at page 6 of the present order is concerned, we are of the view that the first amount of Rs. 1,50,000/- is relatable to Shri GL Sharma basis of his will and we have already deleted an addition of Rs. 12,50,000/ ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
