2011 (9) TMI 1199

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..... 0 raising following questions of law for our consideration: [I] Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal is right in deleting the addition of ₹ 16,12,786/- made by the Assessing Officer and confirmed by the Appellate Commissioner on account of suppression of sale? [ii] Whether, on the facts and in the circumstances of the case, th .....

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..... and valid? [v] Whether, on the facts and in the circumstances of the case, the order of the Income Tax Appellate Tribunal is contrary to the evidence and material on record of the case and hence perverse or not? 2. Insofar as question Nos. 1 and 2 are concerned, we have considered similar questions in Tax Appeal No. 1307 of 2010 and dismissed the revenue's appeal. Question Nos. 4 a .....

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..... Lovely Exports (supra.), the Tribunal was of the opinion that addition was not justified. The Apex Court was of the opinion that, if the share application money is received by the assessee from alleged bogus shareholders, whose names are given to the Assessing Officer, then the department would be free to proceed to re-open their individual assessments. 5. We do not find any infirmity in the v .....

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