TMI Blog2009 (7) TMI 176X X X X Extracts X X X X X X X X Extracts X X X X ..... eposits some times in cash running into crores of rupees into the bank account of Mrs. Shakuntla Devi, Prop.S.K.Lands Finance Company, who has given share application money to the assessee company and in the absence of production of Mrs. Shakuntla Devi, the source of such deposits remains unverified. (iii) The appellant craves to be allowed to add, delete or amend any other grounds of appeal." 2. Learned Departmental Representative relied on the order of AO. 3. Learned counsel for the assessee contents that as appears from Revenue's grounds of appeal the addition in question has been made for share application money received by assessee. 4. Learned counsel for the assessee contents that the AO in original proceedings added this amo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t. Shakuntla Devi for the asst. yr. 2001-02. It is seen from the details that entire money of Rs. 1,70,00,000 which was received during the financial year 2000-01 as share application money by the appellant was transferred from the bank account of M/s S.K. Land Finance Co. running with SBI, Mahrauli Road Branch, Gurgaon as under: ------------------------------------- Date Cheque number Amounts ------------------------------------- 20-6-2000 520686 10,00,000 ------------------------------------- 21-8-2000 521086 20,00,000 ------------------------------------- 17-11-2000 521983 50,00,000 ------------------------------------- 1-9-2000 521898 10,00,000 ------------- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... untla Devi and genuineness is demonstrated from the record besides Hon'ble Supreme Court in the case of CIT vs. Lovely Exports (P) Ltd. (2008) 216 CTR (SC) 195 : (2008) 6 DTR (SC) 308 has clearly held that the share application money received by the assessee cannot be regarded as undisclosed income of the assessee. This judgment has been followed a number of cases by the Tribunal; in view thereof the CIT(A) order is correct. 7. We have heard the rival contentions and perused the material available on record. The facts have been narrated above. In our view the assessee produced substantial evidence to establish the identity and credit worthiness of Smt. Shakuntla Devi, genuineness of share application is also manifest from record. Therefor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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