TMI Blog2010 (5) TMI 828X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 completed by the Assessing Officer. Thereafter, the As ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , 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 application money of ₹ 26.57 lakh, received by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6. Suash Trading Mfg. Pvt. Ltd. 500000/- Share application money 7000/- 7000/- 2.3. It is an admitted fact that confirmations from these parties have been filed and the money has been received through banking channel. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Income Tax v. Lovely Exports (P) Ltd. (2008) 216 CTR 195 wherein their Lordships have held thus: Can the amount of share money be regarded as undisclosed income under s. 68 of IT Act, 1961? We find no merit in this Special Leave Petition for the simple reason that if the share application money is received by the assessee company from alleged bogus shareholders, whose names are given to the A ..... X X X X Extracts X X X X X X X X Extracts X X X X
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