TMI Blog2008 (4) TMI 263X X X X Extracts X X X X X X X X Extracts X X X X ..... tment made by them (share applicant) actually emanated from the coffers of the Assessee so as to enable it to be treated as the undisclosed income of the Assessee – hence revenue’s appeal is dismissed - IT Appeal No. 348 of 2008 - - - Dated:- 25-4-2008 - MADAN B. LOKUR and MANMOHAN SINGH JJ. Mrs. P.L. Bansal for the appellant. Ms. Poonam Ahuja for the respondent. JUDGMENT 1. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ppeals) (CIT (A)) upheld the view taken by the Assessing Officer. 4. In further appeal, the Tribunal noted that the Commissioner of Income Tax (Appeals) had noted the fact that the Assessee had produced the income tax returns, share application forms, confirmation, PAN letter, ration card and/or bank statement in respect of all the share applicants. The Commissioner of Income Tax (Appeals) had ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... creditworthiness of the applicants can nevertheless be examined by the Assessing Officer. It is quite obvious that is very difficult for the Assessee to show the creditworthiness of strangers. If the Revenue has any doubt with regard to their ability to make the investment, their returns may be reopened by the department. 7. In any case, what is clinching is the additional burden on the Revenu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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