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TMI Blog2012 (7) TMI 305X X X X Extracts X X X X X X X X Extracts X X X X ..... ed share application/capital without appreciating the facts and circumstances of the case and relying on the submission made by the assessee without adjudicating the issues held by the AO in the assessment order. 2. The order of the ld. CIT(A) being erroneous in law and on facts deserve to be quashed and that the order of AO to be restored. 3. The appellant craves leave to add or alter any or more ground or grounds of appeal as may be deemed fit at the time of hearing of appeal." 2. The brief facts of the case are that the Assessing Officer received information from the Investigation Wing, Delhi stating that the assessee had taken accommodation entries by obtaining/arranging bogus documents etc. and thereby introduce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and also the necessary documents failed before the Registrar of companies for the purpose of making investment in the share of the assessee company by the applicant companies. In the circumstances, as it is noticed that the facts of the assessee's case are identical to the facts in the case of CIT vs. Lovely Exports (P) Ltd. As also the decision in the case of Midas Golden Distilleries (P) Ltd vs. CIT, respectfully following the decision of the Hon'ble Supreme Court the finding of the Ld. CIT(A) on this issue stands upheld." These findings of the Hon'ble ITAT, Agra have been affirmed by the Hon'ble Allahabad High Court in ITA No.137 of 2010 vide order dated 13.12.2010 by observing as under :- "The Tribunal in its order has m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is of facts recorded by the I.T.A.T. but in the case under consideration the CIT(A) without considering the aspect of creditworthiness as required under section 68 has deleted the addition. Ld. Authorised Representative, on the other hand, submitted that the facts of the case under consideration and facts of the case for Assessment Years 2002-03 & 2004-05 are identical. I.T.A.T., Agra Bench has decided the issue in favour of the assessee and the order of I.T.A.T. has been confirmed by the Allahabad High Court. 5. We have heard the ld. Representatives of the parties and records perused. We find that on identical set of facts, addition on account of share application money under section 68 of the Act has been decided by the I. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2 (Delhi) which are as under :- "12. The Supreme Court stated, many years ago, in Union of India vs. Kamalakshi Finance Corporation Ltd. 1991 (55) ELT 433 (SC) as follows :" "The principles of judicial discipline require that the orders of the higher appellate authorities should be followed unreservedly by the subordinate authorities." It was further observed by the Supreme Court that if the order of an appellate authority is the subject-matter of further appeal, that cannot furnish any ground for not following it, unless its operation has been suspended by a competent Court. The Supreme Court went on to say that if this healthy rule is not followed, the result will not only be undue harassment to assessees but chaos ..... X X X X Extracts X X X X X X X X Extracts X X X X
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