2011 (10) TMI 742

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.... J. 1. Revenue has challenged order of the Income Tax Appellate Tribunal dated 25.9.2009 proposing following question of law for consideration of this Court : "Whether the Appellate Tribunal is right in law and on facts in confirming the order passed by CIT(A) deleting the addition of ₹ 12,00,000/made on account of unexplained credits being share capital? 2. Brief facts in the instant ca....

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....e before the Tribunal. Tribunal dismissed the appeal of the Revenue on the ground that this was not an issue which needed any further consideration in wake of decision of Apex Court in case of CIT v. Lovely Exports(P) Ltd. reported in 216 CTR 195(SC). This order is impugned in the present tax appeal proposing abovementioned question of law. 3. On having heard learned counsel Mrs. Mauna Bhatt and ....