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TMI Blog2012 (6) TMI 11X X X X Extracts X X X X X X X X Extracts X X X X ..... ing noted for deciding both the appeals. This appeal under Section 260 A of the Income Tax Act has been filed against the judgment and order dated 31.1.2012 of the Income Tax Appellate Tribunal in ITA No. 5617/DEL/2010 by which order the Tribunal has allowed the appeal of revenue and remitted the matter before the Assessing Officer to consider the issue afresh. Against the said order the appellant has come up in this appeal. The Assessing Officer while finalizing the assessment under Section 143 Sub Clause (3) of the Income Tax Act for the assessment year 2007-08 had made addition on share application money amounting to Rs. 70,00,000/-. Rs.50,00,000/- was added in the income of M/s Maya Industries Ltd. and Rs. 20,00,000/- was added in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Aligarh which was found to be fake when the Officer himself tried to search it. The conversation with residents of Laxmi Bai Marris Road made it clear that any concern of this name never existed at that address. (ii) To verify the address and the genuineness of M/s Ishom Photo Color Lab (P) Ltd. agra, the DDIT (Investigation), Agra was requested to let this office know about the existence of M/s Ishom Photo Color Lab (P) Ltd. The DDIT (Inv), Agra informed that no such concern is in existence at the given address. 5. Giving full knowledge of findings of enquiries, a notice u/s 142(1)of the I.T. Act was issued to the assessee company on 30.11.2009 wherein the Company was asked to produce persons (M.D./CEO) In-charge of these submitted a wri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amount has been said to be invested are untraceable and no one has been found to confirm existence of the said companies. The relevant observations of the order of the Assessing Officer have already been quoted above. The Tribunal while allowing the appeal of revenue, has made following observations in paragraph 6: "6. We have heard the rival contentions in light of the material produced and precedent relied upon. We find that in this case the identity of the share holders has not been established in order to ascertain the genuineness of the transactions, Assessing Officer issued commission u/s. 131 (d) to the departmental officers in Lucknow and Agra as well as and asked for information 133(6) remained unserved while the departmental off ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the case reported in [2008] 216 CTR 195; Commissioner of Income Tax vs. Lovely Exports (P) Ltd.:- ?Can the amount of share money be regarded as undisclosed income under Sec. 68 of I.T. Act, 1961? We find no merit in this Special Leave Petition for the simple reason that f the share application money is received by the assessee company from alleged bogus shareholders, whose names are given to the AO, then the Department is free to proceed to reopen their Individual assessments in accordance with law. Hence, we find no infirmity with the impugned judgment?. In the present case the Tribunal has opined that very identity of the companies which have invested in share application money has not been established. The remand has been made by the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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