TMI Blog2010 (4) TMI 99X X X X Extracts X X X X X X X X Extracts X X X X ..... nce that was expected of it - ITAT followed the decision in CIT v. Divine Leasing and Finance Limited [2008 -TMI - 3703 - DELHI HIGH COURT] – held that - the Commissioner of Income Tax (Appeals) 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... plication money. 3. The Commissioner of Income Tax (Appeals) as well as the Income Tax Appellate Tribunal had deleted the addition after following the decisions of this Court in CIT v. Divine Leasing and Finance Limited: (2007) 158 Taxman 440 (Del) and CIT v. Lovely Exports (P) Limited: 216 CTR 196. The Tribunal observed that the assessee in the present case has furnished all the evidence tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncome Tax (Appeals) also observed that the share application form, share allotment letter and the bank statement clearly established the identity of M/s Rubicon Associates Private Limited, which was one of the entities which did not respond to the summons issued by the Assessing Officer. Even the principal officer of the said company, Mr Rajat Bansal attended the proceedings before the Investigati ..... X X X X Extracts X X X X X X X X Extracts X X X X
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