Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2013 (10) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (10) TMI 156 - GUJARAT HIGH COURTAdditions u/s 68 of the Income Tax Act - share application money received for the year under consideration - Held that:- Reliance has been placed upon the judgment in the case of Lovely Export (P.) Ltd.[ 2008 (1) TMI 575 - SUPREME COURT OF INDIA] - In the present case also, the respondent assessee has received share application money from different subscribers. It was found that large number of subscribers had responded to the letters issued by the Assessing Officer or summons issued by him and submitted their affidavits. In some cases such replies were not received through posts. Rs. 9 lacs represented those assessees who denied having made any investment altogether - Ratio of Hon'ble Apex Court decision in the case of CIT v. Lovely Export Pvt. Ltd., is squarely applicable to the facts of this case except in the case of category-A of the share holders who have denied to have subscribed to the shares of the company, respectfully following the same, addition is to be restricted to that extent of Rs.9,00,000/- in respect of only those applicants of shares who have denied to have made any investment in the share of the company – Decided against the Revenue.
|