2016 (11) TMI 723

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..... chin Bhardwaj and Divya Suri, Advocates JUDGMENT S. J. Vazifdar, ACJ. 1. This appeal is against the order of the Tribunal pertaining to the assessment year 2006-07. The Tribunal confirmed the order of the Commissioner of Income-tax (Appeals). The respondent- assessee filed its return of income. During the course of assessment, the Assessing Officer noticed that the paid up share capital of the .....

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..... have acquired the money illegally, the respondent-assessee cannot be held liable. There is nothing to show that the money belongs to the company/assessee itself. The Revenue must then proceed against the shareholders. 3. The appeal is, therefore, dismissed as no substantial question of law arises. We do not make any observation regarding the assessment proceedings in respect of the 15 parties who .....

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