9911796707
TMI Blog2010 (8) TMI 652X X X X Extracts X X X X X X X X Extracts X X X X ..... "Act, 1961") challenging the order dated 23-6-2009 passed by the Income-tax Appellate Tribunal (in short "ITAT") in ITA No. 2041/Delhi/2006, for the assessment year 1998-99. 2. Ms. Prem Lata Bansal, learned counsel for the revenue submitted that ITAT had erred in law in deleting the addition of Rs. 18,00,000 made by the Assessing Officer (in short 'AO') on account of unexplained share application ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee has furnished status of person, relationship with the company and the documents filed before the lower authorities. From this statement, we found that assessee has filed confirmation in respect of Shri N.R. Suri and Mrs. Harvinder Kaur. In respect of Shri M.P. Khanna and Shri J.P. Khanna, the assessee has filed capital account in the firm from where withdrawal for this investment was made an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Supreme Court in the case of Divine Leasing and Finance Limited dismissed the SLP filed by the Revenue against the order of Hon'ble Jurisdictional High Court, with speaking order. In case of Value Capital Service (P.) Ltd., in ITA No. 348/08, vide order dated 25-4-2008, Hon'ble Delhi High Court held that it is very difficult for the assessee to show the creditworthiness of strangers and if the re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the ratio to the effect that in respect of money introduced by way of share capital, and the assessee-company furnished the names and particulars of shareholders for establishing their identity, the department may proceed to reopen the assessments of all such alleged bogus shareholders whose investment in the share capital is found to be unexplained. 5. In view of the above, we allow the appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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