2014 (1) TMI 1087

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....hambhu Chopra ORDER The appeal by the revenue under Section 260-A of the Income Tax Act, 1961 arises from an order of the Income Tax Appellate Tribunal dated 21 March 2013. The assessment year to which the appeal pertains is A.Y. 2004-05. 2. The revenue has raised the following questions: "1. Whether on the facts and circumstances of the case and in law, the Hon'ble ITAT was justified ....

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....er the order of the ITAT is erroneous as it failed to controvert the findings of the A.O." 3. In the present case, the Assessing Officer made an addition of Rs.34.81 lacs treating a part of the share capital subscribed to in the financial year as unexplained credits under Section 68. The CIT (A) noted that during the course of the assessment proceedings, the assessee made a detailed submission ....