COMMISSIONER OF INCOME TAX Vs. HIMALAYA INTERNATIONAL LTD.

JUDGEMENT

(1.) ADMIT

(2.) REVENUE has challenged the order dt. 17th March, 2006 passed by the Income Tax Appellate Tribunal (for short as 'Tribunal') in the case of assessed in miscellaneous application No. 734/Del/2005 in ITA No. 5087/Del/2004 for the asst. yr. 2000 -01 vide which the Tribunal deleted the addition of Rs. 5,87,27,000 made by the AO on account of share capital holding that the assessed had duly identified and established the existence of share applicants in question and no material has been brought on record by the AO to doubt the genuineness of the assessed's shares issue.

(3.) IN spite of repeated opportunities, the assessed failed to discharge the onus to file requisite confirmations substantiating the genuineness, creditworthiness and identity of the persons/creditors. The assessed furnished only the list of shareholders but not their addresses and, as such, the AO could not verify the correctness of the claim made by the assessed and, Therefore, made an addition, of Rs. 5,87,27,000 to the income of the assessed under Section 68 of the IT Act, 1961 (for short, as 'Act') treating the same as income from undisclosed sources.