2009 (9) TMI 621

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....8, passed by the learned CIT(A), Bilaspur (C.G), for asst. yr. 2005-06. 2. We have heard both the parties and have also perused the material available on record. 3. In this appeal, the Revenue is aggrieved by the decision of the learned CIT(A) in deleting the addition of Rs. 1,17,33,280 as unexplained cash credit under s. 68 of the IT Act, 1961 (for short "the Act"). 4. The facts, in brie....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... CIT vs. Lovely Exports (P) Ltd. (2008) 6 DTR (SC) 308 and on the decision of the Hon'ble Delhi High Court in the case of CIT vs. Dwarikadhish Investment (P) Ltd. (2008) 2 DTR (Del) 7. The learned CIT(A) deleted the addition and the relevant findings of the learned CIT(A) are as under: "The rival submissions have been carefully considered with reference to the facts obtaining from the record. A....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... record to prove the contrary, the addition made on unverified facts and unsubstantiated by evidence, is unsubstantiated not only on facts but also on appreciation of the ratio held in the various judicial pronouncements, somehow which recently pronounced cited supra. The AO had also not strained to bring any evidence on record to prove that the impugned share application money was not but the inc....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....hereafter he also referred to the order of the Tribunal in the case of Rajat Ispat (P) Ltd. in ITA No. 15/Jab/2009, order dt. 26th June, 2009 wherein a similar view had been taken by following the decision cited before the learned CIT(A) as well as following the decision of the jurisdictional High Court in the case of Asstt. CIT vs. Vyankateshwar Ispat (P) Ltd. in IT Appeal No. 24 of 2006. 7. W....