TMI Blog2008 (2) TMI 322X X X X Extracts X X X X X X X X Extracts X X X X ..... ares of M/s. Angoora Wool Combers Pvt. Ltd. was held to be @ Rs.8/- per share in the connected case, addition made by AO in instant case were rightly deleted by CIT - 20 of 2002 - - - Dated:- 4-2-2008 - SATISH KUMAR MITTAL and RAKESH KUMAR GARG JJ. Mr. Sanjiv Bansal, Advocate, for the revenue. JUDGMENT The judgment of the court was delivered by SATISH KUMAR MITTAL, J. - At the i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eclaring an income of Rs.9,660/- which was accepted under Section 143(1) of the Income Tax Act (hereinafter referred to as 'the Act'). Subsequent to that assessment, an information was received from the Assistant Director of Inspection (INT), office of the Commissioner of Income -tax (Central), Ludhiana that in the course of search and seizure operation carried out at the residential premises of S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... plied that he had purchased shares @ Rs.8/- per share and had made the payment by cheque drawing the same from his saving bank Account, and that he had not made any other payment except the said payment. It was stated that the said notice was issued by the Assessing Officer only on the basis of a statement made by a third person which could not have been relied upon. 3. The contention of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ul under similar circumstances. Following this, there is no justification for the addition in the case of the appellant. The addition is, therefore, deleted." 4. Being not satisfied with the order of the Commissioner of Income Tax (Appeals), the revenue sought the reference for consideration of opinion on the aforesaid question by this Court. 5. It has not been disputed that the similar is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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