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TMI Blog2014 (5) TMI 892X X X X Extracts X X X X X X X X Extracts X X X X ..... re application money or share capitals subscribed by various persons alleged to be bogus by the Department then it is for the Department to reopen their case and take action - once the assessee has discharged the burden of indicating as to the source from where, the share amount has been received - the appellate authority and the tribunal have not committed any error in rejecting the contention of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... own receipt of share capitals from various investors to the tune of Rs. 57 Lacs. The assessee gave name, address and particulars of the investments made by each of the investors, particularly the name of the invester, address of the investor, the amount invested along with particulars of the cheque and the bank details etc. The learned Assessing Officer took note of each of the investments made in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uating the legal principle laid down in various cases, which is reproduced in Paragraph 6 of the impugned judgment, upheld the order of the appellate authority mainly by holding that the Supreme Court in the case of CIT Vs. Lovely Exports Private Limited reported in 216 CTR 195, the tribunal accordingly, held that if the department is having any doubt in the matter of investment of share applicati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (Del.) 194 is relied upon. We have heard learned counsel for the appellant and gone through the records. The Supreme Court in the case of Lovely Exports Private Limited (Supra) has dealt with the matter in the following manner : If the Department was having any doubt as regard to the share application money/ share capitals subscribed by various persons alleged to be bogus by the Department, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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