2010 (9) TMI 140

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..... einafter referred to as "Act") challenging the order dated 11th September, 2009 passed by the Income Tax Appellate Tribunal (in short "Tribunal") in ITA No. 2830/Del/2009 for the Assessment Year 2006-2007. 2. Mr. N.P. Sahni, learned counsel for the Revenue submitted that the Tribunal had erred in law in deleting the addition of 60,00,000/-made by the Assessing Officer (in short, "AO") under Secti .....

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..... be made in its hands on account of share capital subscription by the applicants. The Assessing Officer has also failed to prove that the money invested by the share applicant has actually come from the coffers of the assessee company.  If the Assessing Officer is of the view that these share applicant does not have creditworthiness then the concerned officers assessing the share applicant may .....

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..... the identity of share applicants is established then the amount of share capital cannot be added in the hands of assessee unless the AO has some concrete evidence to suggest otherwise. In our opinion the First Appellate Authority has made a lucid analysis of the position of law on the issue and consider all the facts, in the finding extracted supra, no interference is called for at the end of Tri .....

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