TaxTMI 
TaxTMI 
2012 (5) TMI 118
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....nt and Shri Alok Kumar for the respondent. This Income Tax Appeal under Section 260-A of the Income Tax Act, 1961 has been filed against the judgment and order of the Income Tax Appellate Tribunal ,Delhi Bench (hereinafter called the "Tribunal") in ITA No. 2744/Del/2003 dated 07/11/2008 relating to the Assessment Year 1998-1999. The Appeal No.2744/2003 was filed by the Department against the judg....
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....persons contributed in the share application money. We have considered the submissions of the learned counsel for the parties and have perused the record. The Tribunal while allowing the appeal partly setting aside the addition of Rs. 29,15,000/- by the Assessing Officer, the Tribunal has made following observations in paragraphs 13 and 15 which are quoted below: "13. In the instant case, the a....
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....creditworthiness of all the shareholders has not been established to the satisfaction of the AO or because some of the shareholders having not appeared before the AO for examination, no addition u/s 68 of the IT Act could be made with respect to the share capital of the assessee in the hands of the assessee company. 15. The facts of the case of Lovely Exports (P) Ltd. (supra), decided by the Apex....
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....the total addition of Rs. 73 lakhs made by the AO cannot be upheld and so the same, in this regard, are set aside. Accordingly, the issue relating to the addition of share capital of the assessee under section 68 of the Act is decided in favour of the assessee and against the Revenue. Part of Ground No.1 of the appeal of the assessee relating to share capital is allowed and Ground Nos. 3,4 and 5 o....