2015 (11) TMI 279

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....shmi Gurung, Junior Standing Counsel. For The Respondent : Mr Ved Jain and Mr Pranjal Srivastava, Advocates. ORDER 1. These appeals by the Revenue are directed against the common order dated 6th June 2014 passed by the Income Tax Appellate Tribunal ('ITAT') in ITA Nos.3359, 3360 & 3361/Del/2013 for the Assessment Years ('AY') 2006-07, 2007-08 and 2008-09 respectively. 2. The common que....

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....e to offer a satisfactory explanation regarding nature and source of the funds. 3. The ITAT has in the impugned order noticed that in the present case the Revenue has not doubted the identity of the share applicants. The sole basis for the Revenue to doubt their creditworthiness was the low income as reflected in their Income Tax Returns. The entire details of the share applicants were made ava....