TMI Blog2013 (2) TMI 452X X X X Extracts X X X X X X X X Extracts X X X X ..... etails of the shareholders then the onus on the assessee to prove the source of share application money stands discharged – If the AO was not satisfied with the credit worthiness of the shareholders, it was open to the assessing authority to verify the same in the hands of the shareholders concerned – Further if the share application money is received by the assessee company from alleged bogus s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... removed. The appeal will be given regular number. In these appeals directed against the order of the Income Tax Appellate Tribunal dated 24.7.2009, the revenue has raised a question of law, as to whether the ITAT erred in law in treating the deposits in shape of share application money as genuine when the evidence on record indicated otherwise in the form of share applicant companies being bog ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... relied upon the judgment of the Supreme Court in Lovely Exports vs CIT (216 CTR 195 SC) wherein it was held that if the assessee produces the names, addresses, PAN details of the share holders then the onus on the assessee to prove the source of share application money stands discharged. If the Assessing Authority was not satisfied with the creditworthiness of the shareholders, it was open to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aw. Hence, we find no infirmity with the impugned judgment. 3. Subject to the above, Special Leave Petition is dismissed. In view of the decision of the Supreme Court, we dismiss the appeals returning the question in favour of the assessee, with observations that the department is free to proceed to reopen their individual assessments of the shareholders whose names and details given to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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