TMI Blog2013 (10) TMI 708X X X X Extracts X X X X X X X X Extracts X X X X ..... share applicants, then no addition shall be made in the hands of the respondent-assessee - the two conditions have to be satisfied - Firstly the transaction should be genuine, true and not a camouflage, 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 - Decided in favour of Revenue. - ITA No. 237/2013 - - - Dated:- 4-10-2013 - Sanjiv Khanna And Sanjeev Sachdeva, JJ. For the Appellant : Mr. Kamal Sawhney, Sr. Standing Counsel For the Respondent : None JUDGEMENT:- Respondent has been ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er addition of Rs.31,500/- was made as commission paid by the respondent-assessee to the aforesaid companies to procure the entries. 5. The respondent, however, succeeded in the first appeal on merits. The first appellate authority observed that the respondent assessee had placed on record share application forms, data from the Registrar of Companies, board resolution of the aforesaid 11 companies, affidavit, Permanent Account Numbers and acknowledgment form of the returns. He referred to the decision of Delhi High Court in Commissioner of Income Tax Vs. Lovely Exports Pvt. Ltd. (2008) 299 ITR 268 and other cases. He observed that the Assessing Officer had not made out a case for taxing the share application money received through banking ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aised 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 the assessee. With these observations, ground nos.2 and 2.1 in the appeal of the Revenue are disposed of. Consequently, ground no.3 in the CO becomes infructuous." (emphasis supplied) 7. Having heard counsel for the appellant, we feel that only clarification is required. The issue on merits has been remanded to the Assessing Officer. We clarify that the observations made in paragraph 18.2 by the tribunal implies and means that the Assessing Officer should objectively examine the whole issue ..... X X X X Extracts X X X X X X X X Extracts X X X X
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