2006 (4) TMI 93

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..... itions holding that assessee had satisfactorily established the identity of the share subscribers - Commissioner of Income-tax (Appeals) has also considered the provisions of sections 72, 75 and 77 of the Companies Act and has also taken into consideration the details furnished by the assessee before the Assessing Officer including the certificate of incorporation of subscribers, copies of their .....

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..... established the identity of the share subscribers. The view taken with the Assessing Officer was, accordingly, reversed. The Income-tax Appellate Tribunal has in a further appeal filed by the Revenue before it placed reliance upon the decision of this court in CIT v. Antartica Investment P. Ltd. [2003] 262 ITR 493 and CIT v. Sophia Finance Ltd. [1994] 205 ITR 98 (Delhi) [FB] to hold that the resp .....

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..... taken into consideration the details furnished by the assessee before the Assessing Officer including the certificate of incorporation of subscribers, copies of their bank statements and copies of their assessment orders as well as the copies of their audited accounts. The findings recorded by the learned Commissioner of Income-tax (Appeals) are based on a proper appraisal of the material and we .....

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