TMI Blog2013 (9) TMI 748X X X X Extracts X X X X X X X X Extracts X X X X ..... n case of Commissioner of Income Tax Vs. Lovely Exports Pvt. ltd., in which Hon'ble Supreme Court has held that if the share application money is received by assessee company from alleged bogus share holders, whose names are given to the AO then the department is free to proceed to re-open there individual assessments in accordance with law but it can't regarded as undisclosed income of the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... holders whose genuineness of the transactions was not proved. 2. Whether the Hon'ble ITAT was justified in deleting the addition of Rs.28,25,480/- while the addition was supported by the Judgment of jurisdictional High Court reported in 280 ITR (All) 547." The A.O. disallowed the share application money of Rs.28,20,000/- and added it to the income of the assessee. The CIT (A) accepted the exp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eported in (2008) 216 CTR 195 in case of Commissioner of Income Tax Vs. Lovely Exports Pvt. ltd., in which Hon'ble Supreme Court has held that if the share application money is received by assessee company from alleged bogus share holders, whose names are given to the AO then the department is free to proceed to re-open there individual assessments in accordance with law but it can't regarded as u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - in the relevant year. The share capital was infact increased to Rs.49,20,000/- for which share application money was received in the relevant assessment year 2002-03 at Rs.21 lacs of which shares were allotted to the applicant in the assessment year 2003-04. The ITAT has confirmed the order of the CIT (A). We are of the view that the appeal is entirely misconceived, in as much as the questio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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