2015 (5) TMI 229

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.... aggrieved and dissatisfied with the impugned order passed by the learned Income Tax Appellate Tribunal "D" Bench, Ahmedabad (hereinafter referred to as the "Tribunal") dated 30/05/2014 for the Assessment Year 1996-97 in ITA No.49/Ahd/2009, the revenue has preferred the present Tax Appeal with the following substantial questions of law; (i) Whether on the facts and in law, the ITAT was justifie....

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....nal in the case of M/s. Natural Biocon (India) Ltd. in ITA No.2638/Ahd/2003 in which the very amount of Rs. 25 lacs came to be considered. The Assessing Officer made the addition of Rs. 25 lacs being unexplained investment in the share of the company namely M/s. Natural Biocon (India) Ltd.. The learned CIT(A) sustained the said addition. However, on appeal, the learned Tribunal has deleted the sai....

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....nt. On considering the order passed by the learned Tribunal in the case of M/s. Natural Biocon (India) Ltd. for the Assessment Year 1996-97 the learned Tribunal had an occasion to consider the share application money of Rs. 25 lacs received by M/s. Natural Biocon (India) Ltd. from the present assessee-Shri Makwana. It is true that in the case of M/s. Natural Biocon (India) Ltd. the Assessing Offic....

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.... Rs. 25 lacs, which is explained has been accepted by the learned Tribunal while dealing with the same addition in the case of M/s. Natural Biocon (India) Ltd.. There is a categorical finding given by the learned Tribunal that the aforesaid amount of Rs. 25 lacs was given by way of advance by M/s. Natural Biocon (India) Ltd. to Shri Makwana. If that be so, it cannot be said that the learned Tribun....