2014 (8) TMI 1157

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....ection 260A of the Income Tax Act 1961 has been preferred by the appellant/revenue against the order dated 11th May, 2004 passed by the Income Tax Appellate Tribunal, 'A' Bench, Calcutta in ITA No.2067/KOL/2003 for the assessment year 1995-96 on the following questions : "1. Whether on the facts and circumstances of the case, the Tribunal was right in deleting the addition of Rs. 16,00,00....

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.... investing in the share capital is not in doubt. They are body corporates and their complete addressees are on record. This is the very first assessment in the life of the assessee company. The amounts were deposited by these 5 corporates per account payee cheques. These parties were not shareholders of the assessee company at the time when the case was reopened under section 147 or when the summo....