2013 (9) TMI 748

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....unsel for the revenue. This income tax appeal under Section 260A of the Income Tax Act, 1961 arises out of judgment and order dated 28.1.2011 passed by the Income Tax Appellate Tribunal in I.T.A. No.5207/Del/2010 for the assessment year 2002-03. This appeal has been preferred by the revenue on following questions of law:- "1. Whether in law and on the facts and in the circumstances of the case,....

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....has been given on page no.15 of the index paper book filed. It is further clarified that share capital was only Rs.28,20,000/- in A.Y. 2002-03 and share capital was increased to Rs.49,20,000/- in F.Y. 2002-03 relevant to A.Y. 2003-04 and details have been given at page no.14 of the index paper book filed. The share application money in A.Y. 2002-03 was at Rs.21,00,000/-. The shares were allotted ....

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.... money amounting Rs.21 lacs was received during the year, which was reflected in the balance sheet as on 31.3.2002. The explanation submitted before the A.O. in the submission dated 22.11.2009 during the assessment proceedings was not appreciated by her. She had examined the bank account of the assessee and thereafter stated that share capital of the assessee was Rs.28,20,000/-, which the assessee....