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TMI Blog2019 (11) TMI 590X X X X Extracts X X X X X X X X Extracts X X X X ..... e challenges the order passed by the Income Tax Appellate Tribunal dated 30 June 2016. The relevant assessment year is 2007-08. The following questions of law are urged for our consideration :- "1. Whether on the facts and circumstances of the case and in law, the Hon'ble ITAT was justified in deleting the addition of Rs. 5,18,44,700/- u/s. 68 of the I.T. Act, 1961 on account of share applicatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g Officer, during the assessment proceedings, noted that in the relevant previous year the Respondent had received an amount of Rs. 81244700/- from one Mushtaq Ahmed Vakil as share application money. The Respondent allotted 2421788 shares to Shri Vakil. The Assessing Officer treated the amount shown as a share application money as unexplained cash credit and issued a show cause to the Assessee. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e impugned assessment year. The Commissioner accordingly directed the Assessing Officer to take necessary action if required. In respect of the remaining amount of Rs. 2.94 crores, the Commissioner observed that sufficient evidence was produced in respect of the identity and genuineness of the share application money and of Shri Vakil and accordingly deleted the said addition. 4. The Appellant - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unt was relevant for the Assessment Year 2006-07. In fact the Assessing Officer in his remand report dated 16 September 2010 has accepted this position. As regard the amount of Rs. 2.94 crores is concerned, the Tribunal has sent the same for verification by the Assessing Officer. The contentions of the parties regarding this amount about its genuineness, etc. would be considered on remand. 7. In ..... X X X X Extracts X X X X X X X X Extracts X X X X
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