TMI Blog2010 (8) TMI 973X X X X Extracts X X X X X X X X Extracts X X X X ..... er dated 23rd June, 2009 passed by the Income Tax Appellate Tribunal (in short ITAT ) in ITA No. 3103/Del/2009, for the Assessment Year 2002- 2003. 2. Ms. Prem Lata Bansal, learned counsel for the Revenue submitted that ITAT had erred in law in deleting the addition of rupees twenty two lacs made by the Assessing Officer (in short AO‟) on account of unexplained share application money u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the present case, the dispute is regarding receipt of share application money of ₹ 22,00,000/- from four different companies. The Assessing Officer has made addition of the same under Section 68 of the Act which has been deleted by Ld. CIT(A) by following the judgment of Hon'ble Apex Court rendered in the case of CIT Vs. Lovely Exports Pvt. Ltd. (supra) by the Ld. DR of the revenue could ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n confirming their investment, PAN No., and source of investment. The parties are in existence is confirmed by the respective ITOs of these parties. The appellant had also furnished the share application form submitted by these parties and copy of Form No. 2 filed with ROC which all lead to the conclusion that the above said companies had subscribed to the share capital of the appellant. The issue ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er of Ld. CIT(A) on this issue. We, therefore, confirm the same. This ground of the revenue is rejected. 4. In our considered opinion, the approach adopted by CIT(A) and ITAT is in consonance with the decision of Supreme Court in Commissioner of Income Tax Vs. Lovely Exports (P) Ltd., 216 CTR 195 (SC) wherein it has been held as under :- 2. Can the amount of share money be regarded as undi ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
