TMI Blog2013 (4) TMI 290X X X X Extracts X X X X X X X X Extracts X X X X ..... is Rs. 3,80,000/- or Rs. 3,08,000/-. In different orders, different figures have been mentioned. Relying on Commissioner Of Income Tax Versus Steller Investment Ltd. [2000 (7) TMI 76 - SUPREME COURT] the aforesaid amount represents the share application money and the investors are known persons, there was no justification for making an addition of Rs. 3,08,000/- in the hands of the assessee as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... two substantial questions of law by the order dated 12.9.2007: - "1. Whether the share capital of the appellant could be assessed at the hands of the appellant? 2. Whether share holders being existing natural persons, their investment to the share capital of the appellant could be added to the income of the appellant?" Heard Sri Abhijeet Banerji, holding brief of Sri S.D. Singh for the appe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s not accepted on the ground that the economic condition of the applicants, who applied for allotment of shares, was not good and the investment thus made have not been proved to have been made by them. We find that the controversy involved in the present appeal stands concluded against the Department by judgment of Apex Court in the case of Commissioner of Income Tax vs. Stellar Investment Ltd. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this Court. There appears to be some confusion with regard to the figure whether it is Rs. 3,80,000/- or Rs. 3,08,000/-. In different orders, different figures have been mentioned. In view of the fact that the aforesaid amount represents the share application money and the investors are known persons, there was no justification for making an addition of Rs. 3,08,000/- in the hands of the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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