2010 (8) TMI 973

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.... 260A of Income Tax Act, 1961 (for brevity "Act, 1961") challenging the order dated 23rd June, 2009 passed by the Income Tax Appellate Tribunal (in short "ITAT") in ITA No. 3103/Del/2009, for the Assessment Year 2002- 2003. 2. Ms. Prem Lata Bansal, learned counsel for the Revenue submitted that ITAT had erred in law in deleting the addition of rupees twenty two lacs made by the Assessing Office....

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....e on record and have gone through the orders of the authorities below. We find that in the present case, the dispute is regarding receipt of share application money of Rs. 22,00,000/- from four different companies. The Assessing Officer has made addition of the same under Section 68 of the Act which has been deleted by Ld. CIT(A) by following the judgment of Hon'ble Apex Court rendered in the ....

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....eques which has duly been credited in its bank account and also had filed the confirmation confirming their investment, PAN No., and source of investment. The parties are in existence is confirmed by the respective ITOs of these parties. The appellant had also furnished the share application form submitted by these parties and copy of Form No. 2 filed with ROC which all lead to the conclusion that....

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.... could be shown by the Ld. DR of the revenue, we find no reason to interfere in the order of Ld. CIT(A) on this issue. We, therefore, confirm the same. This ground of the revenue is rejected." 4. In our considered opinion, the approach adopted by CIT(A) and ITAT is in consonance with the decision of Supreme Court in Commissioner of Income Tax Vs. Lovely Exports (P) Ltd., 216 CTR 195 (SC) wherei....