9911796707
TMI Blog2010 (5) TMI 828X X X X Extracts X X X X X X X X Extracts X X X X ..... 0A of the Income Tax Act, 1961 (for short „the Act') by the Revenue challenging the propriety of the order dated 17th July, 2009 passed by the Income Tax Appellate Tribunal Delhi Bench (for short „the Tribunal') in ITA No.1505(Del)/2007 which pertains to Assessment Year 2000-01. 2. The factual matrix as is exposited are the assessment proceeding for the Assessment Year 2001-02 was com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act. 4. Being dissatisfied with the said order, the Assessee preferred an appeal before the CIT(A) and the Appellate Authority affirmed the order passed by the Assessing Officer. 5. Being dissatisfied with the said order, the assessee moved the Tribunal in appeal. The Tribunal has held as under: "2.2 We have considered the facts of the case and rival submissions. The details of share applicati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Exports (P) Ltd. (supra) is applicable. Respectfully following this decision, it is held that there was no justification for addition of ₹ 26.50 lakh, made by the AO and sustained by the learned CIT(Appeals) u/s 68 of the Act. Thus, ground no.2 is allowed. In view thereof, it is not necessary to decide ground nos.3 and 4, which are in the nature of arguments based upon pre-existing decision ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d no infirmity with the impugned judgment." 7. In our considered view, reliance placed by the Tribunal on the said decision in the obtaining factual matrix is totally justified. In the case at hand, the identity of the creditors is known and hence the Assessing Officer can really proceed as has been held by their Lordships in Lovely Exports (P) Ltd. (supra) against such creditors in accordance wi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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