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TMI Blog2013 (10) TMI 156X X X X Extracts X X X X X X X X Extracts X X X X ..... nied having made any investment altogether - Ratio of Hon'ble Apex Court decision in the case of CIT v. Lovely Export Pvt. Ltd., is squarely applicable to the facts of this case except in the case of category-A of the share holders who have denied to have subscribed to the shares of the company, respectfully following the same, addition is to be restricted to that extent of Rs.9,00,000/- in respect of only those applicants of shares who have denied to have made any investment in the share of the company – Decided against the Revenue. - TAX APPEAL NO. 25 of 2013 - - - Dated:- 18-3-2013 - AKIL KURESHI AND SONIA GOKANI , JJ. For the Appellant : K.M. Parikh. ORDER:- Akil Kureshi, J. - Revenue is in appeal against the judgment of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... efore made additions. The assessee challenged such decision before the Commissioner (Appeals) who restricted the addition of Rs.13,00,100/- making following observations : "From the above it can be concluded as under: (i) Out of total amount received of RS.55,00,000 as added by the Assessing Officer, Rs.27,58,000 have been received by bank demand drafts. (ii) The appellant during the course of appellate proceedings have submitted confirmations from all the persons which contain name and address respective person, made of acceptance and source thereof who contributed for share application money. (iii) Category 'A' indicates those who have denied investment aggregating to Rs.9,00,000, Category 'E' are the persons ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Apex Court in the case of CIT v. Lovely Export (P.) Ltd. [2010] 14 SCC 761 and observed as under: "6. After hearing both the parties and perusing the record, we find that there is no dispute about the fact that names and addresses of the persons from whom share application money was received by the assessee company are on record, thus the identity of the subscribers is not in dispute. On these facts, this Bench of the Tribunal has been consistently following the decision of Hon'ble Apex court in the case of CIT v. Lovely Exports Pvt. Ltd. As, the ratio of Hon'ble Apex Court decision in the case of CIT v. Lovely Export Pvt. Ltd., is squarely applicable to the facts of this case except in the case of category-A of the share holders wh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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