2005 (4) TMI 586

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....application which is supported by an affidavit we condone the delay in refiling the appeal. CM is disposed of. ITA 225/2005 2. The challenge in this appeal under section 260A of the Income-tax Act (hereinafter referred to as 'Act') is to the order passed by the Income-tax Appellate Tribunal dated 26th February, 2002 in relation to assessment year 1997-98 inter alia on the following ground....

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....ons. It has been noticed even in the impugned order that evidence was produced by the assessee including affidavits, copies of the share application forms, copies of the confirmation from the applicant company, copies of the Board of Directors Resolution approving such transactions as well as cheque number, branch and address of the bank through which the investment was made. Based upon this, the ....

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.... regarding the allotment of share. On the basis of above evidences, if the identity of each share applicant was established then perhaps there was no need for making further investigation as has been held by the Hon'ble Delhi High Court in the case of Sofia Finance (supra ). But looking to the facts that the income-tax inspector in his report to Assessing Officer has reported the non-availability ....

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....enuineness of the transaction. We, therefore, hold that the addition in respect of share application money received from the above 7 companies was a genuine share application money and the addition sustained by the CIT(A) in this respect is not justified and the same is deleted." 5. We may also notice that the Assessing Officer himself has noticed in the order that the applicant share holders w....