2019 (2) TMI 727

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....and 49.   Respondent Through: Sh. Kislaya Parashar and Ms. Umang Luthra, Advocates, for respondent in Item Nos. 18 and 49.   O R D E R 1. In this appeal, the Revenue is aggrieved by the orders of the Income Tax Appellate Tribunal (ITAT) for Assessment Years (AYs) 2007-08 and 2008-09. It contends that the amounts reported by the assessee for these years, towards various heads, ar....

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....eceived money in cash from one investor or creditor and the money represented series of credits in its accounts, the AO had to verify the identity, creditworthiness and genuineness of the transactions. 5. The CIT(A) noted that the assessee had supplied the requisite details, such as the PAN particulars of Ms. Raj Kumari, who was an income tax assessee for 30 years and had declared her income; h....

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....d on which the AO disallowed the amounts received towards share transactions was that AOP was not an income tax payee.   7. This Court notices, at the outset, that the assessee never claimed that the AOP was a firm or income tax payee. By all accounts, it appears to have been formed only by way of a venture for only one transaction, i.e. securing of shares, which was the subject matter of ....