2009 (7) TMI 176

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....at there are huge deposits some times in cash running into crores of rupees into the bank account of Mrs. Shakuntla Devi, Prop.S.K.Lands& Finance Company, who has given share application money to the assessee company and in the absence of production of Mrs. Shakuntla Devi, the source of such deposits remains unverified. (iii) The appellant craves to be allowed to add, delete or amend any other grounds of appeal." 2. Learned Departmental Representative relied on the order of AO. 3. Learned counsel for the assessee contents that as appears from Revenue's grounds of appeal the addition in question has been made for share application money received by assessee. 4. Learned counsel for the assessee contents that the AO in original proceedings....

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....t order of Smt. Shakuntla Devi for the asst. yr. 2001-02. It is seen from the details that entire money of Rs. 1,70,00,000 which was received during the financial year 2000-01 as share application money by the appellant was transferred from the bank account of M/s S.K. Land & Finance Co. running with SBI, Mahrauli Road Branch, Gurgaon as under: -------------------------------------    Date      Cheque number   Amounts ------------------------------------- 20-6-2000       520686      10,00,000 ------------------------------------- 21-8-2000       521086      20,00,000 --------------....

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....nt of Rs. 1,70,00,000 received by the appellant is shown in her balance sheet as 'advance to be recoverable in cash or in kind'. The balance amount of Rs. 13,00,000 was received in financial year 1999-2000 relevant to asst. yr. 2000-01. It is also seen from the details filed by the appellant that Smt. Shakuntla Devi Prop. M/s S.K. Land & Finance Co. is assessed to tax with Asstt. CIT Central Circle 14 and for asst. yr. 2001-02, she has been assessed at Rs. 93,33,166." 6. Learned counsel further contents that not only the identity and credit worthiness of the share applicant Smt. Shakuntla Devi and genuineness is demonstrated from the record besides Hon'ble Supreme Court in the case of CIT vs. Lovely Exports (P) Ltd. (2008) 216 CTR (SC) 195....