COMMISSIONER OF INCOME TAX Vs. KUBER PLORITECH LTD.

JUDGEMENT

(1.) The only dispute raised in this appeal relates to addition of Rs. 1,85,55,000 by the Assessing Officer purporting to be undisclosed income under Sec. 68 of the Income Tax Act. We may note that the CIT in appeal reversed the aforesaid orders of the Assessing Officer and deleted the addition. The I.T.A.T in appeal preferred by the Revenue has confirmed the orders of the CIT(A). While doing so, the I.T.A.T has observed as under: -

(2.) In the present case, in view of the aforesaid, the Tribunal has categorically mentioned in the aforesaid extracted portion that the department can initiate proceedings against Sh. P.K. Sharma. Thus, when the department is not remediless and the contentions of the assessee that these shares were purchased by Sh. P.K. Sharma and in that situation, additions should have been made in the hands of Sh. P.K. Sharma and not in the case of assessee, it would be open to the Revenue to initiate proceedings by treating the same under Sec. 153(3) of the Act as income in the hands of Sh. P.K. Sharma, in accordance with law. Subject to the aforesaid, no question of law arises in this appeal otherwise and the same is accordingly dismissed.