2017 (9) TMI 380

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....hi in respect of Block Assessment period from 01.04.1985 to 09.11.1995. The appeal was initially dismissed as barred by limitation vide order dated 8th September, 2009. However, on Special Leave to Appeal (Civil) No. 6106 of 2011, the matter was sent back by the Supreme Court for decision on merits in view of the amendment brought by Finance Act No.14 of 2010 with regard to the limitation. After the remand, the appeal was admitted and the following eight questions of law were formulated :- "1. Whether on the facts and circumstances of the case, was the Tribunal legally correct in its findings that the notice issued u/s 158BC was not legally valid nor was it validly and properly served upon the assessee. 2. Whether on the facts and circu....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....lding on merits that the Share Application money cannot be added as the assessee's undisclosed income for the purposes of the Income Tax Act, 1961. 7. Whether the findings of the ITAT on merits, inter-alia, that the Revenue could not dispute the genuineness of the documentary evidence on record relating to the Share Application money, are legally and factually correct and tenable, when the over whelming facts and circumstances clearly prove that the identity, credit worthiness and capacity of the applicants were in doubt and they were either bogus or mere name landers towards the assessee's share capital. 8. Whether the ITAT was legally correct in taking the view on merits of the case that sections 68 and 69 of the I.T. Act, 1961 ....