TaxTMI 
TaxTMI 
TaxTMI 
2010 (9) TMI 119
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....appeal has been filed under Section 260A of the Income Tax Act,1961 (hereinafter referred to as "Act") challenging the order dated 04th September, 2009 passed by the Income Tax Appellate Tribunal (in short "Tribunal") in ITA No. 746/Del/2009 for the Assessment Year 2005-2006. 2. Mr. Abhishek Maratha, learned counsel for the Revenue submitted that the Tribunal had erred in law in deleting the addi....
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.... have considered the written submission of the appellant, gone through the case laws relied upon and also gone through the assessment order. After considering the entire material, it is seen that the assessee submitted list of all the share holders giving full name, addresses, details of payment made by cheque (cheque no. and name of bank also). The assessee also submitted confirmations from all t....
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....g to make addition with regard to share application money the AO was required to discharge his burden as laid upon him under the law by bringing some material on record to disbelieve the claim of the assessee. Mere reference to "ADIT's report" or some "Operator List" was of no use unless these were brought on the top of the table with an opportunity of rebuttal and/or cross examination to the ....
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....company, if the share application money is received by the assessee company from the alleged bogus shareholders, whose names are given to the Assessing Officer, it cannot be regarded as undisclosed income of the assessee company because according to their lordships, the Department was free to proceed to reopen the assessments of the individual shareholders in accordance with law but it cannot be r....