2010 (7) TMI 39

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

...., 1961 (for brevity "Act 1961") challenging the order in Appeal No. 469/Del/2009 dated 17th April, 2009 passed by the Income Tax Appellate Tribunal (in short "ITAT"). By this appeal, Revenue challenges the deletion of Rs. 51,50,000/- under Section 68 of Act 1961 in respect of share application money received by the assessee. 2. Ms. Rashmi Chopra, learned counsel for Revenue submits that just by f....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....AT in their orders have not only mentioned each and every corporate entity which has purchased the shares but also the cheque numbers by which share application money has been paid to the assessee. In fact, the Commissioner and the ITAT have found, as a matter of fact, that the assessee has proved the identity of the share applicants. 4. While dealing with a similar issue under Section 68 of the....