2010 (8) TMI 652

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....A of Income-tax Act, 1961 (for brevity "Act, 1961") challenging the order dated 23-6-2009 passed by the Income-tax Appellate Tribunal (in short "ITAT") in ITA No. 2041/Delhi/2006, for the assessment year 1998-99. 2. Ms. Prem Lata Bansal, learned counsel for the revenue submitted that ITAT had erred in law in deleting the addition of Rs. 18,00,000 made by the Assessing Officer (in short 'AO') on....

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....respect to each and every shareholder the assessee has furnished status of person, relationship with the company and the documents filed before the lower authorities. From this statement, we found that assessee has filed confirmation in respect of Shri N.R. Suri and Mrs. Harvinder Kaur. In respect of Shri M.P. Khanna and Shri J.P. Khanna, the assessee has filed capital account in the firm from whe....

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....lders and genuineness of transaction. Hon'ble Supreme Court in the case of Divine Leasing and Finance Limited dismissed the SLP filed by the Revenue against the order of Hon'ble Jurisdictional High Court, with speaking order. In case of Value Capital Service (P.) Ltd., in ITA No. 348/08, vide order dated 25-4-2008, Hon'ble Delhi High Court held that it is very difficult for the assessee to show th....

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....earned AR and placed on record clearly lay down the ratio to the effect that in respect of money introduced by way of share capital, and the assessee-company furnished the names and particulars of shareholders for establishing their identity, the department may proceed to reopen the assessments of all such alleged bogus shareholders whose investment in the share capital is found to be unexplained.....