2010 (9) TMI 182

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....l has been filed under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as "Act, 1961") challenging the order dated 9th October, 2009 passed by the Income Tax Appellate Tribunal (for brevity "Tribunal") in ITA No. 2810/Del/2008 for the Assessment Year 2004-05. 2. Mr. Sanjeev Sabharwal, learned senior standing counsel for the Revenue submitted that the Tribunal had erred in law ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ons from all the share holders giving complete particulars in the form of address, cheque numbers and the name of bank, PAN number and place of assessment etc. The assessee also submitted the copies of the bank statements showing deposit of all these receipts. In my view the assessee has discharged its primary onus as per law in proving the identity of all the share holders. Now it was for the A.O....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ts:- i) Copy of share application form. ii) Confirmation from the shareholders. iii) Copy of the affidavit. iv) Copy of ITR. v) Copy of Balance Sheets/Capital Account. vi) Copy of share certificate issued. xxxx xxxx xxxx xxxx 6. We have heard the ld. DR for the revenue. None appeared on behalf of the assessee. We have carefully perused the records. As per the admitted fact ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ts 216 CTR 195 is directly applicable. In this case it was held that if the share application money is received by the assessee company from alleged bogus shareholders, whose names are given to the Assessing Officer, then the Department is free to proceed to reopen their individual assessments in accordance with law, but it cannot be regarded as undisclosed income of the assessee." 5. Keeping i....