TMI Blog2009 (8) TMI 1205X X X X Extracts X X X X X X X X Extracts X X X X ..... 50,000/- in respect of share money from eight persons, one of whom is of ₹ 1,50,000/- by Limited company, which is a regular assessee. 2. Learned CIT(A) has erred on facts as well as in law in rejecting the case on account of new evidence, even thought his evidence in support of the claim before AO, who is reported to have sent letters to shareholders and without indicating the appellant the result, made the addition. If the ld. CIT(A) felt that it was new evidence, eh instead of rejecting the claim, should had given opportunity or had called for the report. 3. Learned counsel for the assessee contends that the issue in question is in respect of share application money received by the assessee company and is covered in fav ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... idence was filed which was not admitted. The receipt of share application money in the hands of a company cannot be added u/s 68 as held by Hon ble Supreme Court and Hon ble Delhi High in above mentioned cases. However, looking at the doubts expressed by learned DR, we set aside the issue back to the file of AO to ask the assessee to file the confirmations and to decide the same keeping in view these judgments and pass an order in accordance with law. 6. This appeal by assessee is allowed for statistical purposes. 7 Corresponding penalty appeal for this year i.e. I.T.A. No.798/Del/09 is also set aside, restore back to the file of AO as it will depend on the reframing of the issue. 8. This appeal is also allowed for statistical purp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ince all the documents were filed, the creditor i.e. Shri Harbhajan Singh, being a regular assessee, the income-tax having accepted the above payment on behalf of the company, no addition is called for. 11. We have heard the rival contentions and perused the material available on record. Assessee has challenged the CIT(A) s action in treating the papers filed before him as new evidence from the written submissions filed by assessee before CIT(A), which are placed on paper book No.25 onwards, which are not disputed by learned DR. The same speaks of filling of relevant papers about copies of confirmations and returns before AO. Since the assessee s director identity is established, transactions are not denied and he is assessed to tax, the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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