2010 (7) TMI 146

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....he present appeal has been filed under Section 260A of Income Tax Act, 1961 (for brevity "Act, 1961") challenging the order dated 19th June, 2009 passed by the Income Tax Appellate Tribunal (in short "ITAT") in ITA No. 1146/Del/2009, for the assessment year 2001-2002. 2. Ms. Prem Lata Bansal, learned counsel for Revenue submitted that ITAT had erred in law in deleting the addition of rupees twe....

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....free to reopen the alleged shareholders' assessment in accordance with law. 4. In our considered opinion, the approach adopted by the Commissioner and ITAT is in consonance with the decision of Supreme Court in Commissioner of Income Tax Vs. Lovely Exports (P) Ltd., 216 CTR 195 (SC) wherein it has been held as under:- "2. Can the amount of share money be regarded as undisclosed income under ....