TMI Blog2013 (2) TMI 46X X X X Extracts X X X X X X X X Extracts X X X X ..... of the shareholder is only required to be proved - in favour of assessee. - INCOME TAX APPEAL No. - 239 of 2010 - - - Dated:- 16-1-2013 - R.K. AGRAWAL, AND RAM SURAT RAM (MAURYA), JJ. Petitioner Counsel:- Dhananjay Awasthi The present appeal has been filed under Section 260-A of the Income Tax Act, 1961 (hereinafter referred to as the 'Act') against the order dated 13.7.2009 passed by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ding being of jurisdictional High Court and the ratio was fully applicable to the case under consideration? (3) Whether the Ld. ITAT was justified in relying on the obitor dicta of the Supreme Court in Lovely Exports (172 Taxman 44) while the ratio of the same did not at all apply in case of the assessee to exclusion of the jurisdictional High Court's judgment reported in 280 ITR 547 (All)? (4 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ived from the shareholders has been made by the Assessing Authority on the ground that the respondent assessee has failed to prove genuineness of transactions and creditworthiness of the shareholders. The Assessing Officer has found that the shareholders have shown low income in the income tax returns which was much less compared to investment in share capital. In Appeal, the Commisisoner of Inc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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