2013 (10) TMI 708

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..... ce on their behalf. 2. We have heard the counsel for the appellant-Revenue, who submits that an order of remand has been passed but there are observations in paragraph 18.2 which may be misconstrued as observations which have tied the hands of the Assessing Officer. 3. Having heard counsel for the appellant, the following substantial question of law is framed:-    "Whether the Income .....

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..... e genuineness of the receipt of Rs.63,00,000/- as share application money. Bank accounts statement of the said 11 companies/share applicants disclosed that they were providing accommodation entries to the beneficiaries. Accordingly, addition of Rs.63,00,000/- was made. Another addition of Rs.31,500/- was made as commission paid by the respondent-assessee to the aforesaid companies to procure the e .....

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..... in the case of CIT Vs. Nova Promoters and Finlease (P) Ltd. (2012) 342 ITR 169 (Del.) in which decision of the Supreme Court in Lovely Export Pvt. Ltd. (supra) and CIT Vs. Orissa Corporation (P) Ltd. (1986) 159 ITR 78 (SC) have been considered. Thereafter, the following directions have been issued:-    "18.1 In the light of view taken in the aforesaid decisions, we are of the opinion th .....

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..... g, we consider it fair and appropriate to set aside the order of the ld. CIT(A) and restore the matter to the file of the AO for deciding the issues raised in the ground nos.2 and 2.1 in the appeal, afresh in accordance with law in the light of our aforesaid observations and various judicial pronouncement, including those referred to above and of course, after allowing sufficient opportunity to th .....

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..... amouflage, and secondly the transaction should be duly recorded in the books of the share applicants. In case, any of the two conditions are not satisfied, then it will be open to the Assessing Officer to act in accordance with law and made appropriate additions if justified and mandated by the Statute. 8. The question of law is accordingly answered and the appeal is disposed of. No costs.
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