2011 (2) TMI 1477

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....ng the addition of Rs. 1,38,00,000/- made by the AO on account of share capital u/s 68 of the I.T. Act, treating the same as unexplained. The CIT(A) also enhanced the assessee's income by an amount of Rs. 92 lakh by making a further addition on account of unexplained cash credit representing share capital. The assessee preferred an application for rectification u/s 154 of the Act before the CIT(A). 3. The assessee also filed an appeal against the CIT(A)'s order before the Tribunal. At the time of hearing of the appeal before the Tribunal, the assessee filed an application contending that all the additions disputed by the assessee in the appeal before the Tribunal had since been deleted by the CIT(A), vide order dated 23.01.2009, dispo....

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....ere not genuine; that not only was the addition confirmed by the CIT(A), the CIT(A) enhanced the same, the writ petition filed by the assessee against which enhancement was dismissed by the Hon'ble High Court; that while enhancing the addition made on account of share capital, the CIT(A) had relied on 'CIT vs. Divine Lasing & Finance Ltd.' reported in 298 ITR 268 (Del.); that vide order dated 23.01.2009 passed u/s 154 of the Act, the CIT(A) had reversed his earlier order of confirmation and enhancement of the addition made by the AO on account of bogus share capital that the CIT(A) observed that 'Divine Leasing & Finance Ltd.' (supra) had been reversed by the Hon'ble Supreme Court in 'CIT vs. Lovely Export P. Ltd.' reported in 216 CTR 195 (....

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....en wrongly recorded; and that change in the conclusion amounts to a review of the earlier order, which is not permissible u/s 154 of the Act. 6. Ld.Counsel for the assessee contends that in the Tribunal's order dated 16.02.2009 (supra), passed in the assessee appeal, the Tribunal has granted liberty to move an application for revival of the assessee's appeal if the order passed by the CIT(A) passed u/s 154 of the Act were to be disturbed by the Tribunal; that the CIT(A)'s said order passed on 23.01.2009 u/s 154 of the Act has now been disturbed by way of the Tribunal order dated 29.01.2010 (supra), allowing the assessee's appeal in ITA No.1247/Del./09; that as is available from the Tribunal order dated 16.02.2009, the assessee's appeal h....