9911796707
TMI Blog2008 (4) TMI 263X X X X Extracts X X X X X X X X Extracts X X X X ..... ue is aggrieved by an order dated 13th June, 2007 passed by the Income Tax Appellate Tribunal, Delhi Bench "C", New Delhi (the Tribunal) in I.T.A. No. 229/Del/2005 relevant for the Assessment Year 2001-02. 2. The Assessee had received an amount of Rs.51 lakhs as share application money from 33 persons. The Assessing Officer required the Assessee to produce all these persons. It appears that some ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ence of the applicants but did not accept the genuineness of the transaction, subject matter of the inquiry. 5. While setting aside the order of the Commissioner of Income Tax (Appeals), the Tribunal relied upon two decisions of this Court, namely, Commissioner of Income Tax v. Stellar Investment Ltd., [1991] 192 ITR 287 and a Full Bench decision in Commissioner of Income Tax v. Sophia Finance Lt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... licant does not have the means to make the investment, the investment made by the applicant actually emanated from the coffers of the Assessee so as to enable it to be treated as the undisclosed income of the Assessee. This has not been down insofar as the present case is concerned and that has been noted by the Tribunal also. 8. Under the circumstances, we are of the view that the Tribunal has n ..... X X X X Extracts X X X X X X X X Extracts X X X X
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