2013 (4) TMI 290

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ay,S.Chopra JUDGMENT The present appeal has been filed u/s 260-A of the Income Tax Act, 1961 against the order of Income Tax Appellate Tribunal, SMC Bench, Allahabad dated 22.2.2005, passed in ITA No. 500(Allahabad)/2004 for the assessment year 1998-99. The appeal has been admitted on the following two substantial questions of law by the order dated 12.9.2007: - "1. Whether the share capital o....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

..... All the three authorities below have held that Rs. 3,08,000/- share capital be added in the income of the assessee. The case of the appellant was that the said money was contributed by the applicants who applied for allotment of shares of the appellant company. The contention of the appellant was not accepted on the ground that the economic condition of the applicants, who applied for allotment ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....to have really advanced the money is sought to be reopened, that would have made some sense but we fail to understand as to how this amount of increased share capital can be assessed in the hands of the company itself." The aforesaid judgment of the Apex Court is being consistently followed by this Court. There appears to be some confusion with regard to the figure whether it is Rs. 3,80,000/- o....