2010 (8) TMI 981

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..... August, 2009 passed by the Income Tax Appellate Tribunal (in short ITAT ) in ITA No. 2560/Del/2008, for the Assessment Year 2005- 2006. 2. Ms. Prem Lata Bansal, learned counsel for the Revenue submitted that ITAT had erred in law in deleting the addition of rupees twenty five lacs made by the Assessing Officer (in short AO ) on account of unexplained share application money under Section 68 o .....

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..... him and the conclusion he had drawn, which has been reproduced above. In this case, the AO has made the addition on the basis of statement of Shri Pradeep Kumar Jindal recorded on 15.04.2004, much before the incorporation of the present company on 19.11.2004. The amount has been received by the cheque. The share applicant M/s. Ekka Processors and Distributors Pvt. Ltd. paid the amount from its cur .....

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..... the ld. CIT (A) has rightly deleted the addition. We, therefore, uphold the order of the ld. CIT(A). 4. In our considered opinion, the approach adopted by CIT(A) and ITAT is in consonance with the decision of Supreme Court in Commissioner of Income Tax Vs. Lovely Exports (P) Ltd., 216 CTR 195 (SC) wherein it has been held as under :- 2. Can the amount of share money be regarded as undis .....

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