2013 (2) TMI 452

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...., JJ. For the Petitioner: A. N. Mahajan ORDER We have heard Shri A.N. Mahajan, learned counsel for the department. Shri S.K. Garg has sent illness slip. The certified copy of the order has been filed in the Income Tax Appeal No. 327 of 2010. The defect reported in Income Tax Appeal Defective No. 159 of 2010, for not filing certified copy stands removed. The appeal will be given regular....

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....dings that the assessee had produced the return of income filed by the relevant shareholders who had paid share application money. The assessee had also produced the confirmation of share holders indicating the details of addresses, PAN and particulars of cheques through which the amount was paid towards the share application money. The Tribunal thereafter relied upon the judgment of the Supreme C....

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.... regarded as undisclosed income under S. 68 of IT Act, 1961? We find no merit in this Special Leave Petition for the simple reason that if the share application money is received by the assessee company from alleged bogus shareholders, whose names are given to the AO, then the Department is free to proceed to reopen their individual assessments in accordance with law. Hence, we find no infirmity w....