TMI Blog2010 (11) TMI 57X X X X Extracts X X X X X X X X Extracts X X X X ..... e in the hands of the assessee on account of lack of creditworthiness ofshare applicants, cannot be made - assessee had succeeded in the rectification proceedings - Appeal is dismissed - 223 of 2010 - - - Dated:- 10-11-2010 - ADARSH KUMAR GOEL, AJAY KUMAR MITTAL,JJ. Applicant Represented by:Mr. Sanjay Bansal, Ms. Ashima Bindlish Respondent Represented by:Mr. I.P. Singh ADARSH KUMAR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he case, the Tribunal was legally correct in reversing the Order of the CIT(A) passed under Section 154 of the Income Tax Act, 1961 thereby sustaining the addition on account of the amount of share capital being income from undisclosed sources of the appellant contrary to the stand of the appellant which stand having been accepted by the Department/Revenue for the assessment year 2003-04 in view o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing was affirmed by the CIT(A), against which, the assessee filed appeal before the Tribunal. During the pendency of the appeal, the assessee filed an application for rectification before the CIT(A) on the basis of observations in the judgment of the Hon'ble Supreme Court CIT v. Lovely Exports (P) Ltd. [2008] 216 CTR 195. The said application was allowed by the CIT(A), but the Tribunal accep ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... applicants. There was no change in the facts insofar as identity and genuineness of the transaction which was held to be not proved by the CIT(A) during the course of original appellate proceedings. In the order u/s 154, the CIT(A) has not spoken about the identity of share applicants and the genuiness of the transaction. Since the identity itself has not been established, there is no reason to ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r of the CIT (A) dated 28.11.2007, which was earlier dismissed only on the ground that during pendency thereof, the assessee had succeeded in the rectification proceedings. While dismissing the appeal, the Tribunal itself had observed in its order dated 16.2.2009 that if appeal of the revenue succeeds against order of rectification, the assessee would be at liberty to revive its appeal. Learned ..... X X X X Extracts X X X X X X X X Extracts X X X X
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