2010 (5) TMI 828

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....his is an appeal under Section 260A of the Income Tax Act, 1961 (for short „the Act') by the Revenue challenging the propriety of the order dated 17th July, 2009 passed by the Income Tax Appellate Tribunal Delhi Bench (for short „the Tribunal') in ITA No.1505(Del)/2007 which pertains to Assessment Year 2000-01. 2. The factual matrix as is exposited are the assessment proceeding for ....

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....eding under Section 271(1)(c) of the Act. 4. Being dissatisfied with the said order, the Assessee preferred an appeal before the CIT(A) and the Appellate Authority affirmed the order passed by the Assessing Officer. 5. Being dissatisfied with the said order, the assessee moved the Tribunal in appeal. The Tribunal has held as under: "2.2 We have considered the facts of the case and r....

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.... and the money has been received through banking channel. The applicants are limited companies. In such a situation, the decision of Hon'ble Supreme Court in the case of Lovely Exports (P) Ltd. (supra) is applicable. Respectfully following this decision, it is held that there was no justification for addition of Rs. 26.50 lakh, made by the AO and sustained by the learned CIT(Appeals) u/s 68 of the....

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....from alleged bogus shareholders, whose names are given to the AO, then the Department is free to proceed to reopen their individual assessments in accordance with law. Hence, we find no infirmity with the impugned judgment." 7. In our considered view, reliance placed by the Tribunal on the said decision in the obtaining factual matrix is totally justified. In the case at hand, the identity of t....