2007 (6) TMI 70

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....t the order of the Income-tax Appellate Tribunal in ITA Nos.1182 & 1714/Mds/2002 dated 24.3.2006 for the assessment years 1998-99 and 1999-2000 respectively, raising the following substantial questions of law. (a) Whether in the facts and circumstances of the case, the Tribunal was right in holding that share application money in fictitious names cannot be treated as undisclosed income of the a....

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....The Commissioner deleted the addition made by the Assessing Officer for the assessment year 1998-99 and upheld the addition made for the assessment year 1999-2000.  Against the said order, the Revenue as well as the assessee preferred appeals before the Income Tax Appellate Tribunal.  The Tribunal allowed the appeal preferred by the assessee and dismissed the appeal preferred by the Reve....