2012 (11) TMI 856

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....ereinafter referred to as the 'Act') against the order dated 19.6.2009 passed by the Income Tax Appellate Tribunal, New Delhi (hereinafter referred to as the 'Tribunal'). The Commissioner of Income Tax, Meerut had proposed the following substantial question of law said to be arising out of the order of the Tribunal: - (I) Whether the bogus shareholders in whose hand only agricultural income has b....

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....was fully applicable to the case under consideration? (IV) Whether the ITAT was justified in relying on the obitor dicta of the Supreme Court in Lovely Exports while the ratio of the same did not at all apply in case of the assessee to exclusion of the jurisdictional High Court's judgment reported in 280 ITR 547 (All)? (V) Whether the ITAT was justified in relying on the Supreme Court judgment i....

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.... has found that the shareholders have shown low income in the income tax returns which was much less compared to investment in share capital. In Appeal, the CIT deleted the observation that in case of capital contributed by a shareholder, the identity of the shareholder is only required to be proved. While holding so, the Commissioner of Income Tax relied upon decision of Hon'ble Supreme Court in....