2011 (9) TMI 1236

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....at the instance of the Revenue and is directed against order dated 13th March, 2011 passed by the Income Tax Appellate Tribunal, "A" Bench, Kolkata in ITA No. 479/Kol/2010 in respect of the assessment year 2006-07 thereby allowing an appeal filed by the assessee. Being dissatisfied, the Revenue has come up with the present appeal. It appears from record that the following two questions fall ....

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....panies to establish the fact that they are having substantial capital to make the share application. (d) Documents showing that all the payments have been received by account payee cheques and the details of the cheque and bank account of the applicants are filed. (e) Copies of I.T. Return of the share applicant to prove that they are regularly assessed to tax. (f) Detai....

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.... Federal Bank, R. N. Mukherjee Road, Kolkata. According to the Revenue, non-existence of such person established that the beneficiaries deposited money in the said account and after routing it through two - three layers, the same was introduced in the book of account. The Tribunal pointed out that such contention was not acceptable as the fact that in this case share application money had been rec....

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....the subsequent transaction which had nothing to do with the earlier deposits of money all through the account payee cheque and the fact that the share applicants were all the assesses of the income tax had also been established. We, thus, find that the aforesaid finding recorded by the Tribunal cannot be said to be vitiated by any error of law and we find no reason to interfere with such findin....