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TMI Blog2012 (11) TMI 856X X X X Extracts X X X X X X X X Extracts X X X X ..... money can be accepted? - held that:- in case of capital contributed by a shareholder, the identity of the shareholder is only required to be proved. - order passed by the Tribunal does not suffer from any legal infirmity - appeal fails and is dismissed. Decision in the case [Commissioner Of Income Tax Versus Steller Investment Ltd.2000 (7) TMI 76 - SUPREME COURT] followed. - ITA No. - 454 of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and circumstances of the case and in law, the Income Tax Appellate Tribunal has erred in ignoring the provisions of section 68 of the I.T. Act, 1961 by upholding the order of CIT(A) despite the fact that identity of the alleged shareholders, genuineness of the transaction and creditworthiness of share applications were not proved at all? (III) Whether the Ld. ITAT was justified in ignoring the d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the alleged shareholders were agriculturist, not existing in the income tax records, hence, the question of reopening the individual assessment did not arise? Briefly stated, the facts giving rise to the appeal are as follows: - The appeal relates to the Assessment Year 2005-06. During the assessment year in question, an addition of Rs. 24,50,000/- on account of share application money receive ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eard Sri Dhananjay Awasthi, learned Senior Standing Counsel for the appellant and have perused the three orders passed by the authorities, including that by the Tribunal and find that the matter is squarely covered by the decision of Hon'ble Supreme Court in the case of Stellar Investments Ltd. (supra). That being the position, we are of the considered opinion that the order passed by the Tribunal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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