TaxTMI 
TaxTMI 
2008 (12) TMI 22
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....DGMENT The judgment of the court was delivered by BADAR DURREZ AHMED, J (ORAL) - Admit. 2. The following substantial question of law arises for consideration of this Court. "Whether the Income Tax Appellate Tribunal was justified in law in remanding back the case to the Assessing Officer when the matter has been examined on merits by the Commissioner of Income Tax (Appeals)?" 3. Filing of pap....
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....th the Assessing Officer to find out the credit worthiness of these persons. The assessee has filed the bank statement of some of the persons, however, there is no finding by CIT(A) that there existed the equivalent or more amount in the bank account of these persons which was withdrawn and the same was deposited in cash with the share application form with the assessee company. Thus, we are of th....
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....ard of proof would be much more rigorous and stringent. We direct the Assessing Officer to examine the share applicants. Needless to mention that a reasonable opportunity of being heard be given to the assessee." 4. However, when we went through the order of the Commissioner of Income Tax (A) we find that he has examined the question of identity, credit worthiness and genuineness of each of the ....
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....rved that if the share money is received by the assessee company from alleged bogus share holders whose names are given to the Assessing Officer, then the Department is free to proceed to assess them individually, in accordance with law. The Supreme Court did not find any infirmity with the impugned judgment of the High Court which was a common order along with the decision reported in CIT vs Divi....