2012 (11) TMI 1164

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....n filed under Section 260 (A) of the Income Tax Act, 1961 (hereinafter referred to as the 'Act') against the order dated 30.4.2009 passed by the Income Tax Appellate Tribunal, New Delhi (hereinafter referred to as the 'Tribunal'). The Commissioner of Income Tax, Meerut had proposed the following substantial question of law said to be arising out of the order of the Tribunal: - ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....(All.), whereas the decision was binding being of jurisdictional High Court and the ratio was fully applicable to the case under consideration? (IV) Whether the ITAT was justified in relying on the obitor dicta of the Supreme Court in Lovely Exports 172 Taxman 44 (Mag.) while the ratio of the same did not at all apply in case of the assessee to exclusion of the jurisdictional High Court&#....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ty on the ground that the respondent assessee has failed to prove genuineness of transactions and creditworthiness of the shareholders. The Assessing Officer has found that the shareholders have shown low income in the income tax returns which was much less compared to investment in share capital. In Appeal, the CIT deleted the observation that in case of capital contributed by a shareholder, t....