2017 (4) TMI 1328

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.... For Respondent(s) : Mr. Mahendra Gargieya Judgment Per Hon'ble Jhaveri,. 1. By way of this appeal, the appellant has challenged the judgment and order of the Tribunal whereby the Tribunal has dismissed the appeal of the assessee as well as department. 2. This Court while admitting the appeal on 30.11.2009 has framed the following substantial question of law: "Whether in the facts and ....

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....ed to discharge the primary onus casted upon it to prove the identify, genuineness and creditworthiness of the investors?" 3. However, in view of the judgment of the Hon'ble Supreme Court in the case of Commissioner of Income Tax vs. Lovely Exports (P) Ltd., reported in (2008) 299 ITR 268 (SC), wherein it has been held as under: "If the share application money is received by the assessee-comp....