2010 (4) TMI 99

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..... inst the order dated 03.07.2009 passed by the Income Tax Appellate Tribunal in relation to the assessment year 2001-2002. 2. The Assessing Officer had made an addition of Rs. 42,60,000/- as unexplained income of the assessee under Section 68 of the Income Tax Act, 1961. The said sum had been received from 23 different companies by way of share application money. 3. The Commissioner of Income Tax .....

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..... als) noted that the summons had been issued to the share applicants and had been responded to by sending replies along with supporting evidence except in a few cases. In those cases where there was no response to the summons, it had been ascertained that the company existed in the record of the Registrar of Companies. The Commissioner of Income Tax (Appeals) also observed that the share applicatio .....

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..... the share applicants stood established. It is in these circumstances that the Income Tax Appellate Tribunal confirmed the decision of the Commissioner of Income Tax (Appeals). 5. We also find no infirmity in such conclusions arrived at by the lower authorities. In any event, these are findings of fact and no perversity has been pointed out by the learned counsel for the appellant. No substantial .....

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