9911796707
TMI Blog2009 (11) TMI 335X X X X Extracts X X X X X X X X Extracts X X X X ..... parties, we have heard the matter finally. 5. The relevant facts giving rise to the above questions are as under: 6. The appellant-company was incorporated to develop and manufacture, process, reprocess, pack, repack, press, engrave, develop, design, assemble, alter, repair, renovate, galvanise, point, out, clean, convert, manipulate, decorate, adopt, test, consult, market, distribute, buy, sell, resell, purchase, import, export, indent, trade, to act as manufacturers representative and otherwise deal in switchgears, residual current circuit breakers and to run it as public company for which purpose share capital was invited from the public all over India. On account of change in law under which the limit for public limited company was r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee went in appeal against that order and filed written arguments as well as details of the shareholders. The Commissioner of Income-tax (Appals) called for the report of the Assessing Officer and decided the appeal vide order dated October 20, 2004 allowing relief of Rs. 25,71,199. Against the balance amount sustained by the Commissioner of Income-tax (Appeals), the assessee filed an appeal before the Income-tax Appellate Tribunal. On the other hand the Revenue also filed an appeal against the part relief allowed in favour of the assessee. The Income-tax Appellate Tribunal has dismissed the appeal of the assessee. It has also partly allowed the appeal filed by the Revenue thereby reducing the amount of relief granted by the Commissi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ibuted by various persons and in such circumstances it was very difficult for the assessee to have their co-operation who would naturally be not willing to come and confirm having invested. (c) Still some of the persons came and gave the confirmation. In so far as investors in Delhi are concerned, seven parties responded to the letter of the Assessing Officer and confirmed their investments. Remaining Delhi parties either did not respond or the letters sent to them were received back with the remarks "Left without address". One of the relevant facts that not a single party came forward and denied the fact of their contributing share capital. (d) Even members had contributed Rs. 14,76,000 about which there was no doubt as all the details, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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