2010 (9) TMI 140

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....ction 260A of the Income Tax Act,1961 (hereinafter referred to as "Act") challenging the order dated 11th September, 2009 passed by the Income Tax Appellate Tribunal (in short "Tribunal") in ITA No. 2830/Del/2009 for the Assessment Year 2006-2007. 2. Mr. N.P. Sahni, learned counsel for the Revenue submitted that the Tribunal had erred in law in deleting the addition of 60,00,000/-made by the As....

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.... identity of the share applicant, no addition can be made in its hands on account of share capital subscription by the applicants. The Assessing Officer has also failed to prove that the money invested by the share applicant has actually come from the coffers of the assessee company.  If the Assessing Officer is of the view that these share applicant does not have creditworthiness then the co....

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....sion of jurisdictional High Court and has held that once the identity of share applicants is established then the amount of share capital cannot be added in the hands of assessee unless the AO has some concrete evidence to suggest otherwise. In our opinion the First Appellate Authority has made a lucid analysis of the position of law on the issue and consider all the facts, in the finding extracte....