2010 (4) TMI 99

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nst the order dated 03.07.2009 passed by the Income Tax Appellate Tribunal in relation to the assessment year 2001-2002. 2. The Assessing Officer had made an addition of Rs. 42,60,000/- as unexplained income of the assessee under Section 68 of the Income Tax Act, 1961. The said sum had been received from 23 different companies by way of share application money. 3. The Commissioner of Income Tax ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ls) noted that the summons had been issued to the share applicants and had been responded to by sending replies along with supporting evidence except in a few cases. In those cases where there was no response to the summons, it had been ascertained that the company existed in the record of the Registrar of Companies. The Commissioner of Income Tax (Appeals) also observed that the share application....