2010 (4) TMI 99

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.... (ORAL) 1. This appeal is directed against 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 applicatio....

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....serve that the Commissioner of Income Tax (Appeals) 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 (A....