2011 (12) TMI 316

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....peal has been admitted for consideration of the following two substantial questions of law by order dated 02.07.2007:  1.  Whether the Appellate Authorities were right in holding that a sum of Rs. 3,84,88,500/- treated as income of the assessee under Section 68 of the Income Tax Act, pursuant to search had been detected in a search and the assessee had not established the source of the said sum by producing positive evidence?  2.  Whether the Appellate Authorities were right in holding that the judgment of the Apex Court in the case of CIT v. Steller Investments Ltd., reported in 251 ITR 263 is applicable to the facts of the case? 3. The material facts leading to this appeal for adjudicating the substantial ques....

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....t in the case of CIT v. Steller Investment Ltd., [2001] 251 ITR 263/115 Taxman 99 and accordingly allowed the appeal in part. Being aggrieved by the said order, the revenue preferred the appeal before the Tribunal and the Tribunal by order dated 12.08.2005 held that the Appellate Authority had rightly followed the decision of the Supreme Court in the case of Steller Investment Ltd. (supra) and further also took into account the order which has already been passed by the Settlement Commissioner on 30.03.2005 and accordingly dismissed the appeal filed by the revenue and being aggrieved by the same, this appeal is being filed by the revenue. 4. We have heard the learned counsel appearing for the appellant and the learned counsel appearing f....

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....pplicable to the facts of the case and further the Division Bench of this Court in the case of CIT v. Ask Brothers Ltd. [2011] 333 ITR 111 has reiterated the principles laid down in Steller Investment Limited case and subsequent decision of the Hon'ble Supreme Court in the case of Steller Investment Ltd. (supra) and has held that the unexplained share capital contribution even if not genuine cannot be treated as undisclosed income. 7. We have given careful consideration to the contentions of the learned counsel appearing for the parties and scrutinised the material on record. It may be observed at the outset that it is unfortunate that the Department is not making available to the Court the documents that are seized during search in ....