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TMI Blog2012 (7) TMI 305X X X X Extracts X X X X X X X X Extracts X X X X ..... company by the applicant companies –CIT(A) deleted the addition – In favor of assessee - ITA No.445/Agr/2011 - - - Dated:- 1-6-2012 - SHRI BHAVNESH SAINI, AND SHRI A.L. GEHLOT, JJ. Appellant by : Shri Waseem Arshad, Sr. D.R. Respondent by : Shri P.N. Agarwal, Advocate ORDER PER A.L. GEHLOT, ACCOUNTANT MEMBER: This is an appeal filed by the Revenue against the order dated 16.08.2011 passed by the learned CIT (Appeals)-II, Agra for the Assessment Year 2003-04 on the following grounds :-. 1. That the Ld. CIT(A) has erred in law and on facts in deleting the entire addition made by the AO u/s 68 amounting to Rs.11737350/-, being unexplained share application/capital without appreciating the facts and circumstan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and the same is being added to the income of the assessee u/s 68 of the I.T. Act, 1961. 3. The CIT(A) deleted the said addition as under :- (CIT(A) page no.17). I have gone through the assessment order and submission made by the Ld. AR and it is noticed that a similar addition was a subject matter of appeal for the AY 2002-03 and AY 2004-05 before the Hon ble ITAT, Agra who vide its consolidated order in ITA No.33 34/Agr/2008 vide order dated 31.8.09 held as under :- In the present appeal it is noticed that the assessee has produced the names, address, PAN account details and affidavit, resolution of the Board of Directors and also the necessary documents failed before the Registrar of companies for the purpose of making in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reditworthiness of the creditors and genuineness of the transaction. He further submitted that the Assessing Officer is empowered to enquire to the real nature of the transaction. The Ld. Departmental Representative in support of his contention relied upon the judgement of Hon ble High Court of Delhi in the case of CIT vs. Divine Leasing and Finance, (299 ITR 268) as regards the I.T.A.T. order for Assessment Years 2002-03 2004-05 which has been upheld by the High Court in ITA No.137/2010 vide order dated 13.12.2010, Ld. Departmental Representative submitted that High Court has confirmed the order of I.T.A.T. on the basis of facts recorded by the I.T.A.T. but in the case under consideration the CIT(A) without considering the aspect of cred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... entative in the case of CIT vs. Devine Leasing Finance (supra) does not help the Revenue as there is a judgement of jurisdictional High Court of Allahabad in the assessee s own case cited supra. Since on identical set of facts there is a judgment of juridical High Court in assessee s own case, therefore, we are bound to follow the said judgement as required under the basic principles in the administration of justice and judicial discipline. In this regard, we would like to quote the observation in the case of Nokia Corporation vs. Director of Income Tax (International Taxation) and Another (2007) (292 ITR 22 (Delhi) which are as under :- 12. The Supreme Court stated, many years ago, in Union of India vs. Kamalakshi Finance Corporatio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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