CIT Vs. INDEPENDENT MEDIA PVT LTD

JUDGEMENT

(1.) THIS is an appeal by the Revenue filed before this Court under Section 260A of the Income Tax Act, 1961 (,,Act for short). It is directed against the order of the Income Tax Appellate Tribunal (,,Tribunal for short) dated 11.03.2010 passed in ITA No.470/Del/2009.

(2.) THE following substantial question of law is framed: -

(3.) IN response to the show-cause notice it would appear that the assessee furnished the PAN number of the companies, share application forms, board resolutions, copy of bank statement, pay orders, confirmation from subscribers, their income tax returns, copies of their balance sheets, etc. and contended that the share application monies were genuine.