2010 (8) TMI 981

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....come Tax Act, 1961 (for brevity "Act, 1961") challenging the order dated 21st August, 2009 passed by the Income Tax Appellate Tribunal (in short "ITAT") in ITA No. 2560/Del/2008, for the Assessment Year 2005- 2006. 2. Ms. Prem Lata Bansal, learned counsel for the Revenue submitted that ITAT had erred in law in deleting the addition of rupees twenty five lacs made by the Assessing Officer (in sh....

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....A) was justified in deleting the addition in the light of the facts found by him and the conclusion he had drawn, which has been reproduced above. In this case, the AO has made the addition on the basis of statement of Shri Pradeep Kumar Jindal recorded on 15.04.2004, much before the incorporation of the present company on 19.11.2004. The amount has been received by the cheque. The share applicant....

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....Capital Services Pvt. Ltd. (2008) 307 ITR 334 (Delhi), we hold that the ld. CIT (A) has rightly deleted the addition. We, therefore, uphold the order of the ld. CIT(A)." 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) wherein it has been held as u....