TMI Blog2011 (1) TMI 190X X X X Extracts X X X X X X X X Extracts X X X X ..... ing to ₹ 24,00,000/- from four shareholders being private limited companies - Assessing Officer invoked the provisions under Section 68/69 of the Income Tax Act and made addition of ₹ 24,00,000 - Supreme Court in the case of C.I.T. vs. M/s. Lovely Exports Pvt. Ltd., reported in (2008 (1) TMI 575 - SUPREME COURT OF INDIA) allowed the appeal by holding that share capital/premium of ͅ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d in the circumstances of the case, Ld. CIT (A) ought to have upheld the assessment order as the transaction entered into by the assessee was a scheme for laundering black money into white money or accounted money and the Ld. CIT (A) ought to have held that the assessee had not established the genuineness of the transaction. It appears from the record that in the assessment proceedings it was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llowing the decision of the Supreme Court in the case of C.I.T. vs. M/s. Lovely Exports Pvt. Ltd., reported in (2008) 216 CTR 195 allowed the appeal by holding that share capital/premium of Rs.24,00,000/- received from the investors was not liable to be treated under Section 68 as unexplained credits and it should not be taxed in the hands of the appellant company. As indicated earlier, the Tribun ..... X X X X Extracts X X X X X X X X Extracts X X X X
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