2009 (8) TMI 1215

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....rporting to be undisclosed income under section 68 of the Income Tax Act. We may note that the CIT in appeal reversed the aforesaid orders of the Assessing Officer and deleted the addition. The I.T.A.T in appeal preferred by the Revenue has confirmed the orders of the CIT(A). While doing so, the I.T.A.T has observed as under:- "We have heard both the parties and perused the material avail....

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....not be made in the hands of the assessee. Accordingly, we do not find any infirmity in the order passed by the Id. CIT(Appeals) deleting the addition." 2. The I.T.A.T had referred to the judgment of the Hon'ble Supreme Court in CIT v. Lovely Exports (P.) Ltd. [2008] 216 CTR 195 for the proposition that if the share application money is received by the assessee from the alleged bogus share h....