2009 (7) TMI 1299

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....sessment Year 2005-06 and C.O. No.148/Del/2009 is cross objection filed by the assessee against the appeal of the revenue in I.T.A. No.2897/Del/2008. As the issue in both these appeals of the revenue and the cross objection of the assessee are identical and interconnected, both these appeals and the cross objection are being disposed off by this common order. At the time of hearing Shri Ravi Gupta, Advocate filed a request for adjournment and Shri B K Gupta, Sr. DR appeared on behalf of the revenue. Shri Rajesh Jain, CA represented on behalf of the assessee as he had filed a letter of adjournment on behalf of Shri Ravi Gupta. 2. In the revenue's appeal, the revenue has challenged the deletion of the addition made on account of share applic....

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....as received in the form of share application money as also the genuineness and the creditworthiness of the shareholders had been proved. It is further noticed that the CIT(A) has taken into consideration the decision of Hon'ble Supreme Court in the case of Sofia Finance to delete the addition. Further it is noticed that the issue of the share application money received stands substantially covered by the decision of Hon'ble Supreme Court in the case of Lovely Exports (216 CTR 195 S.C.) wherein it has been held that if the assessee produces the names, addresses, PAN details of the shareholders then the onus on the assessee to prove the source of share application money stands discharged and if the Assessing Authority was not satisfie....