2017 (1) TMI 1567

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..... (P) Ltd.(2008 (1) TMI 575 - SUPREME COURT OF INDIA) as held if the share application money is received by the assessee-company from alleged bogus shareholders, whose names are given to the AO, then the department is free to proceed to re-open their individual assessments in accordance with law. Hence, we find no infirmity with the impugned judgment. The issue is decided in favour of the assess .....

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..... uineness and creditworthiness of the investors? 3. However, in view of the judgment of the Hon ble Supreme Court in the case of Commissioner of Income Tax vs. Lovely Exports (P) Ltd., reported in (2009) 319 ITR 5 (SC), wherein it has been held as under: If the share application money is received by the assessee-company from alleged bogus shareholders, whose names are given to the Ass .....

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