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TMI Blog2013 (3) TMI 174X X X X Extracts X X X X X X X X Extracts X X X X ..... 0-A of the Income Tax Act, 1961 ['the Act'], directed against the order dated 16.11.2007 as passed by the Income Tax Appellate Tribunal, Jodhpur Bench, Jodhpur ['the Tribunal'] in ITA No.249/JU/2007 in relation to assessment year 1997-1998, has been admitted on the following substantial question of law:- "Whether in the facts and circumstances of the case as well as in law, the learned I.T.A.T. w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessment order dated 28.02.2003; and, as regards the addition under Section 68 of the Act, while referring to the decision of this Court in the case of Shree Barkha Synthetics Pvt. Ltd: [2006] 283 ITR 377 held that if the transactions were made through banking channel and existence of persons in whose names shares had been issued was shown, the assessee-company could not be held responsible to p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .2003 in ITA No.212/34/2001. After finding the subject matter of the order under Section 263 being the same i.e., relating to the introduction of share capital to the tune of Rs.58.40 lakhs, the Tribunal declined to interfere. Hence, this appeal. The learned counsel for the respondent-assessee submits that the question as formulated does not even arise in this case because it remains settled with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... there are some bogus shareholders in whose names shares had been issued and the money may have been provided by some other persons. If the assessment of the persons who are alleged to have really advanced the money is sought to be reopened, that would have made some sense but we fail to understand as to how this amount of increased share capital can be assessed in the hands of the company itself. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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