2010 (9) TMI 183

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.... referred to as "Act, 1961") challenging the order dated 10th September, 2009 passed by the Income Tax Appellate Tribunal (for brevity "Tribunal") in ITA No. 3188/Del/2009 for the Assessment Year 2006-07. 2. Mr. Sanjeev Sabharwal, learned senior standing counsel for the Revenue submitted that the Tribunal had erred in law in deleting the addition of ` 45,90,000/- made by the Assessing Officer u....

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....ly those cases where any sum is found credited in the books of the assessee maintained for any previous year and the assessee offers no explanation about the nature and the source thereof or the explanation offered is not satisfactory. But in the present case, the appellant furnished the documents like names and addresses of the share applicants, their income tax particulars and bank particulars a....

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....o observed as under :- "4. We have considered the submissions of the Ld. DR of the revenue and since this issue is covered in favour of the assessee by the judgment of Hon'ble Apex Court rendered in the case of Lovely Export Pvt. Ltd. (supra), we find no reason to interfere with the order of the Commissioner of Income Tax (Appeals) because it is noted by the Commissioner of Income Tax (Ap....