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TMI Blog2012 (10) TMI 616X X X X Extracts X X X X X X X X Extracts X X X X ..... hananjay Awasthi appearing for the Income Tax Department. Shri Ashish Bansal appears for the respondent assessee. 2. This Income Tax Appeal under Section 260-A of Income Tax Act, 1961 (in short, the Act) arises out of order of Income Tax Appellate Tribunal, Lucknow Bench 'A', Lucknow dated 26.9.2008 relating to assessment year 2005-06. The department has preferred this appeal on the following s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... findings of the AO, that all the six applicants, who had deposited the share application money, had deposited the cash in their respective bank accounts before issuing cheques in the name of the assessee for share allotment. The Tribunal has allowed the appeal on the findings, as follows:- "4. Learned counsel for the assessee reiterated the submissions made before the authorities below and furthe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rightly made. 6. We have considered the submissions of both the parties and carefully gone through the materials available on record. In the instant case, it is not in dispute that the amount was received by the assessee as share application money and the details regarding name, address and Permanent Account Number was furnished to the Assessing Officer. The Assessing Officer made the addition f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o be assessed to income tax and were having Permanent Account Number." 5. The Tribunal has relied upon CIT VS.Lovely Exports (P) Ltd 216 CTR 195 in which it was held as follows:- "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 asse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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