2013 (2) TMI 46

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..... of the Income Tax Act, 1961 (hereinafter referred to as the 'Act') against the order dated 13.7.2009 passed by the Income Tax Appellate Tribunal, Delhi Bench "A", New Delhi. The Commissioner of Income Tax, Meerut had proposed the following substantial question of law said to be arising out of the order of the Tribunal: - "(1) Whether on the facts and circumstances of the case and in law, the Inco .....

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..... of the assessee to exclusion of the jurisdictional High Court's judgment reported in 280 ITR 547 (All)? (4) Whether the Ld. ITAT was justified in relying on the Supreme Court judgment in the case of CIT vs. Lovely Exports (172 Taxman 44) in which it was clearly held that the department was free to proceed to reopen the assessment of alleged shareholders whereas in the present case the alleged sha .....

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..... eturns which was much less compared to investment in share capital. In Appeal, the Commisisoner of Income Tax (Appeals) deleted the observation that in case of capital contributed by a shareholder, the identity of the shareholder is only required to be proved. While holding so, the Commissioner of Income Tax relied upon decisions of Hon'ble Supreme Court in the cases of CIT vs. Stellar Investment .....

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