9911796707
TMI Blog2008 (12) TMI 22X X X X Extracts X X X X X X X X Extracts X X X X ..... share holders, Tribunal was not justified in coming to the conclusion that the CIT(A) had not considered the matter in the right perspective – question is decided in favour of the assessee and set aside the order passed by the Tribunal. - 1174 of 2007 - - - Dated:- 16-12-2008 - HON'BLE MR JUSTICE BADAR DURREZ AHMED and HON'BLE MR JUSTICE RAJIV SHAKDHER Mr. R. Santhanam for the Appellant. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d company and the money has been received in cash. Therefore, a heavy duty is cast to establish not on the identity of share applicant but also the creditworthiness of the share applicants and the genuineness of transaction. It is further seen that the assessee has only established the identity of the share applicants by producing PAN Card No., etc. There has been no investigation either by the As ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ish the three ingredients of the Section 68 of the Act to the satisfaction of the Assessing Officer. In the facts and circumstances of the case, we consider it just and proper to set aside the impugned order and restore the same to the file of the Assessing Officer to examine the matter afresh in accordance with the law. In view of the aforesaid observations of the Hon'ble High Court that where mo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the transactions stood established. Therefore, the finding returned by the Tribunal to the contrary cannot be accepted as it is contrary to the record. In any event we also note that the Supreme Court in the case of CIT vs. Lovely Exports Pvt Ltd (2008) 216 CTR 195 considered the question as to whether the share application money can be regarded as undisclosed income under Section 68 of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lected in their income tax return as well as in their balance sheets. 5. In these circumstances we see merit in what the learned counsel for the appellant has submitted and we feel that the Tribunal was unjustified in coming to the conclusion that the CIT(A) had not considered the matter in the right perspective. Consequently we decide the question in favour of the assessee and set aside the o ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
