2010 (8) TMI 72

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....ion 260A of the Income Tax Act, 1961 (hereinafter referred to as "Act, 1961") challenging the order dated 3rd September, 2009 passed by the Income Tax Appellate Tribunal (for brevity "Tribunal") in ITA No.  973/Del/2009 for the Assessment Year 2000-2001. 2. Ms. Prem Lata Bansal, learned counsel for the Revenue submitted that the Tribunal had erred in law in deleting the addition of ' 25,05....

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....have considered the contentions of learned DR and carefully gone through the orders of the authorities below.  From the record we found that CIT(A) had deleted the addition by recording a finding that the appellant company has proved the identity of the share applicants and payment has been received through account payee cheques and share applicants are assessed to income tax. This finding ha....

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....004. Return of allotment of shares in form No. 2 as per the Companies Act, 1956 was filed with Registrar of Companies Delhi and Haryana. Copy of same was also filed with the AO. Confirmations of the share applicants as desired by the AO were filed during the course of assessment proceedings. All the share applicants are the corporate assessee and assessed to tax with the income tax department. App....