TMI Blog2010 (8) TMI 36X X X X Extracts X X X X X X X X Extracts X X X X ..... partment is free to proceed to reopen their individual assessments in accordance with law.” - Keeping in view the aforesaid mandate of law, the share application money cannot be regarded as undisclosed income of assessee under Section 68 of Act, 1961. - 989/2010 and C. M. No. 13064 of 2010 - - - Dated:- 30-8-2010 - CORAM: HON'BLE THE CHIEF JUSTICE HON'BLE MR. JUSTICE MANMOHAN Mrs. Prem Lata Bansal, Advocate Mr. Piyush Kaushik, Advocate MANMOHAN, J: For the reasons stated in the application, delay in re-filing the appeal is condoned. Accordingly, application stands disposed of. 1. The present appeal has been filed under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as "Act, 1961") challeng ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssment order of Smt. Shakuntala Devi for the AY 2001-02. It is seen from the details that entire money of Rs. 1,70,00,000/- which was received during the F.Y. 2000-01 as share application money by the appellant was transferred from the bank account of M/s. S.K. Land and Finance Co. running with State Bank of India, Mahrauli Road branch, Gurgaon as under:- Date Cheque No. Amounts 20.06.2000 520686 10,00,000/- 21.08.2000 521086 20,00,000/- 17.11.2000 521983 50,00,000/- 01.09.2000 521898 10,00,000/- 06.12.2000 521997 20,00,000/- 30.12.2000 349910 20,00,000/- 07.02.2001 86946 10,00,000/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o negate the evidentiary value of rest of material. The issue about share application money being undisclosed of income of assessee has been set at rest by Hon'ble Supreme Court in the case of Lovely Exports (supra) hold that such additions cannot be made in assessee's hands. In view thereof, we uphold the order of CIT(A)." 5. In our considered opinion, the approach adopted by CIT(A) and Tribunal is in consonance with the decision of Supreme Court in Commissioner of Income Tax Vs. Lovely Exports (P) Ltd., 216 CTR 195 (SC) wherein it has been held as under :- "2. Can the amount of share money be regarded as undisclosed income under s. 68 of IT Act, 1961? We find no merit in this Special Leave Petition for the simple reason that if the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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