9911796707
TMI Blog2012 (6) TMI 897X X X X Extracts X X X X X X X X Extracts X X X X ..... 61 (for sake of brevity, hereinafter referred to as the Act ) to challenge the order dated 06.08.2010 of the Income Tax Appellate Tribunal Ahmedabad Bench in ITA No.552/Ahd/2008, by proposing the following question formulated in the memorandum of appeal as substantial question of law. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in deleting the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mixture, accounted the aforesaid amount in its return of income as share application money received from 15 different persons, who were shown to be the agriculturists. The Assessing Officer held a view that the assessee had failed to furnish the confirmation of identity of those persons from whom the share application money was received, and further that only two of them had remained present befor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bunal took view that once the applicants admit to have made the payment of share application money, no further inquiry was necessary into the creditworthiness and genuineness of the transactions in case of the assessee company. It took such view on the basis of various judicial pronouncements of the High Courts in which the issue of share application money was considered, and mainly relied on the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... their individual assessments in accordance with law. In that light, the impugned order of the Tribunal was proper and justified, and it could not be said that it committed any error in passing the order. 5. In the above view, no substantial question of law arises for consideration of this court in the present tax appeal. The appeal, therefore, cannot be entertained and is accordingly dismissed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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