2009 (5) TMI 290

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Shanna for the respondent. JUDGMENT 1. This appeal under section 260A of the Income-tax Act, 1961 (in short "the Act"), has been admitted on the following substantial questions of law : "1.1 Whether, on the facts and in the circumstances of the case, the Tribunal was justified in upholding the order of the Commissioner of Income-tax (Appeals) and whether it was justified in confirming his....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....come-tax Act. 2. The short question for consideration of this appeal is-whether the Tribunal as well as the Commissioner of Income (Appeals) were justified in deleting the addition made by the Assessing Officer (in short "AO") on account of unexplained investment in share capital in spite of the respondent's failure to discharge the onus cast upon it as per the provisions of law. 3. Briefly ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ee sought permission for adducing additional evidence under rule 46A of the Income-tax rules, 1962, which was accepted and appeal of the assessee was allowed on the basis of additional evidence adduced by the assessee as also keeping in view of the fact that for subsequent assessment year, the shareholders investment was confirmed during the assessment proceedings. 5. The appeal preferred by th....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... hon'ble Supreme Court in the aforesaid judgment. 8. We have heard learned counsel for the parties and perused the impugned order. 9. In the matter of Lovely Exports P. Ltd. [2009] 319 ITR (St.) 5, the question before the hon'ble Supreme Court was-whether the amount of share money can be regarded as undisclosed income under section 68 of the Act? Answering the above question, the hon'ble Sup....