2016 (6) TMI 653

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....dgment and order dated 24th February, 2009 passed by the Income Tax Appellate Tribunal "A" Bench, Kolkata in ITA Nos. 799 to 802 (Kol) of 2008 pertaining to the assessment years 1999-2000, 2000-01, 2001-02 and 2003-04. The Assessing Officer made additions under Section 68 principally on two grounds : (a) that the assessee could not produce the share application forms submitted by some of the ap....

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....plication money. While taking this view we also derive support from the decision of Hon'ble Apex Court in the case of CIT vs Orissa Corporation P. Ltd. ( 159 ITR 78) (SC). We, therefore, respectfully following the above decisions of the Hon'ble Apex Court in the case of Lovely Export (P) Ltd. & Orissa Corporation P. Ltd. (supra) hold that the A.O. was not justified in treating the share applicatio....