2011 (6) TMI 861

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....l is at the instance of the Revenue and is directed against Order dated 26th November, 2010 passed by the Income-tax Appellate Tribunal, 'B' Bench, Kolkata in ITA No.1791/Kol/2010 relating to the assessment year 2006-07 thereby dismissing the appeal preferred by the Revenue. Being dissatisfied, the Revenue has come up with the present appeal. It appears from record that the assessee company ....

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....pplication and no Registrar was engaged for such raising of share capital. Being dissatisfied the assessee preferred an appeal before the Commissioner of Income-tax (Appeals). The Commissioner of Income-tax (Appeals), however, set aside the said order of assessment and came to the conclusion that all the share applicant/companies were assessed to the tax and their PAN and acknowledgement of I.T....

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....at the Assessing Officer failed to establish that the share applicants did not have the means to make investment and that such investment actually emanated from the coffers of the assessee company. The receipt of share capital money had been duly recorded in the books of the assessee company and the payment of share application money was also duly recorded in the audited account of each of the sha....