2010 (8) TMI 22

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....sent appeal has been filed under Section 260A of Income Tax Act, 1961 (for brevity "Act, 1961") challenging the order dated 15th May, 2009 passed by the Income Tax Appellate Tribunal (in short "ITAT") in ITA No. 787/Del/2009, for the Assessment Year 2003-2004. 2. Mr. N.P. Sahni, learned counsel for Revenue submitted that the ITAT had erred in law in deleting the addition of Rupees Sixteen Lacs m....

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.... rendered in Commissioner of Income Tax v. Lovely Exports (P) Ltd. (2008) 216 CTR 195 wherein their Lordships have held as under: "Can the amount of share money be regarded as undisclosed income under s. 68 of IT Act, 1961? We find no merit in this Special Leave Petition for the simple reason that if the share application money is received by the assessee company from alleged bogus shareholders, w....