2012 (6) TMI 897

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....has preferred the present appeal under section 260A of the Income Tax Act, 1961 (for sake of brevity, hereinafter referred to as 'the Act') to challenge the order dated 06.08.2010 of the Income Tax Appellate Tribunal Ahmedabad Bench in ITA No.552/Ahd/2008, by proposing the following question formulated in the memorandum of appeal as substantial question of law. "" Whether, on the facts an....

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....essee company, engaged in business of manufacturing of glass frit and glazed mixture, accounted the aforesaid amount in its return of income as share application money received from 15 different persons, who were shown to be the agriculturists. The Assessing Officer held a view that the assessee had failed to furnish the confirmation of identity of those persons from whom the share application mon....

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....is seen that while reversing the order of the Commissioner (Appeals), the Tribunal took view that once the applicants admit to have made the payment of share application money, no further inquiry was necessary into the creditworthiness and genuineness of the transactions in case of the assessee company. It took such view on the basis of various judicial pronouncements of the High Courts in which t....