CIT Vs. GANGESHWARI METAL PVT LTD

JUDGEMENT

(1.) IN this appeal the following question of law has been framed for our consideration by virtue of the order dated 16.10.2011: -

(2.) THE learned counsel for the revenue/ appellant submitted that the Commissioner of Income Tax (Appeals) and the Income Tax Appellate Tribunal were both wrong in deleting the addition of Rs.55.5 lakhs on account of unexplained share application money under section 68 of the Income Tax Act, 1961 (hereinafter referred to as ,,the said Act).

(3.) HOWEVER , despite the respondent/ assessee furnishing the above information/ documents, the assessing officer found the explanation to be unacceptable and held that the sum of Rs.55.5 lakhs was unexplained in the hands of the assessee and thereby made an addition to the assessees income.