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TMI Blog2016 (9) TMI 255X X X X Extracts X X X X X X X X Extracts X X X X ..... ed no further but merely added the amounts because of the absence of the Directors to physically present themselves before him. The assessee has, in our opinion, complied with the law spelt out by the Supreme Court in CIT v. Lovely Exports Pvt. Ltd. [2008 (1) TMI 575 - SUPREME COURT OF INDIA ] - Decided in favour of assessee - ITA 504/2016 - - - Dated:- 31-8-2016 - S. Ravindra Bhat and Deepa Sharma, JJ. For the Appellant : Sh. Dileep Shivpuri, Sr. Standing Counsel with Sh. Sanjay Kumar, Jr. Standing Counsel For the Respondent : Sh. Ved Jain and Sh. Pranjal Srivastava, Advocates ORDER 1. The revenue is aggrieved by the order dated 10.02.2016 of the Income Tax Appellate Tribunal (ITAT) which confirmed the Commissioner of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. Learned counsel emphasized that to prove the identity, genuineness of the transaction and the creditworthiness of share applicants, it was essential for the assessee to produce the Directors as well as the source of funds of the share applicants since in the absence of these materials, the assessee could not claim to be aggrieved by the addition. 4. This Court has considered the concurrent order of the CIT(A) as well as the ITAT. Both these authorities primarily went by the fact that the assessee had provided sufficient indication by way of PAN numbers, to highlight the identity of the share applicants, as well as produced the affidavits of Directors. Furthermore, the bank details of the share applicants too had been provided. In the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ence of any such finding that the material disclosed was untrustworthy or lacked credibility the assessing officer merely concluded on the basis of enquiry report, which collected certain facts and the statements of Mr. Mahesh Garg that the income sought to be added fell within the description of Section 68. 7. Having regard to the entirety of facts and circumstances, the Court is satisfied that the finding of the Tribunal in this case accords with the ratio of the decision of the Supreme Court in Lovely Exports (supra). 6. We are of the opinion that no question of law arises, having regard to the concurrent findings of fact. The assessee has, in our opinion, complied with the law spelt out by the Supreme Court in CIT v. Lovely Ex ..... X X X X Extracts X X X X X X X X Extracts X X X X
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