TaxTMI 
TaxTMI 
2010 (10) TMI 102
X X X X Extracts X X X X
X X X X Extracts X X X X
....961 (for brevity, "Act") challenging the order dated 02nd July, 2009 passed by the Income Tax Appellate Tribunal (in short "Tribunal") in ITA No. 104/Del/2008, for the Block Period 01st April, 1990 to 30th November, 2000. 2. Mr. Sanjeev Sabharwal, learned counsel for the revenue submitted that the Tribunal had erred in law in deleting the addition of ' 31,37,000/- made by the Assessing Officer (i....
X X X X Extracts X X X X
X X X X Extracts X X X X
....d presented themselves and confirmed the subscription made by them. It is also a fact that the enquiries made by the Assessing Officer and also the various facts and submissions have indicated that these shareholders were the man of no means. But in view of the decision of the Hon'ble jurisdictional Delhi High Court in the case of CIT vs. Divine Leasing & Finance Ltd. reported at 299 ITR 268....
X X X X Extracts X X X X
X X X X Extracts X X X X
....rs, whose names are given to the Assessing Officer, then the department is free to proceed to reopen their individual assessments in accordance with the law. xxx xxx xxx Considering the totality the facts and circumstances and the principles laid down by the various courts including Hon'ble Supreme Court and Jurisdictional Delhi High Court, I have come to the conclusion that the appellant compan....
X X X X Extracts X X X X
X X X X Extracts X X X X
....he light of this fact, we find that this issue is now covered in favour of the assessee by the judgment of Hon'ble Apex Court rendered in the case of Lovely Exports Pvt. Ltd. (supra). It was held by the Hon'ble Apex Court in this case that if share application money is received by the assessee company even from alleged bogus share holders whose names are given to the Assessing Officer, than the De....