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TMI Blog2012 (5) TMI 118X X X X Extracts X X X X X X X X Extracts X X X X ..... he satisfaction of the AO or because some of the shareholders having not appeared before the AO for examination, no addition u/s 68 could be made – against revenue. - INCOME TAX APPEAL No. - 212 of 2009 - - - Dated:- 23-4-2012 - Ashok Bhushan, Prakash Krishna, JJ. Petitioner Counsel :- S.C./Dhananjay Awasthi Heard Shri Dhananjay Awasthi, learned counsel for the appellant and Shri Alok Kumar for the respondent. This Income Tax Appeal under Section 260-A of the Income Tax Act, 1961 has been filed against the judgment and order of the Income Tax Appellate Tribunal ,Delhi Bench (hereinafter called the Tribunal ) in ITA No. 2744/Del/2003 dated 07/11/2008 relating to the Assessment Year 1998-1999. The Appeal No.2744/2003 was fil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... firmation of all the 41 creditors/shareholders,PAN Card of Shri Ranvir Singh and computation of income acknowledgement of return of the shareholders have been filed by the assessee. They have also confirmed having made investment to the share capital of the assessee. The AO as well as the CIT(A) do not seem to have disputed the identity of shareholders while making/sustaining the addition on account of share capital of the assessee. In most of the cases the assessee has filed the assessments along with affidavits of the shareholders. Merely because creditworthiness of all the shareholders has not been established to the satisfaction of the AO or because some of the shareholders having not appeared before the AO for examination, no additio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Apex Court in Commissioner of Income Tax Vs. Lovely Exports (P) Ltd, (2008) (216) CTR (SC), 195 has been referred to by the Tribunal. In the aforesaid judgment following was laid down in paragraph 2 which is quoted below: 2.Can the amount of share money be regarded as undisclosed income under Section 68 of Income Tax Act, 1961? We find no merit in this Special Leave Petition for the simple reason that if the share application money is received by the assessee company from alleged bogus shareholders, whose names are given to the assessing officer, then the department is free to proceed to reopen their individual assessments in accordance with law. Hence, we find no informity with the impugned judgment. The judgment of the Apex cour ..... X X X X Extracts X X X X X X X X Extracts X X X X
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