CIT Vs. STL EXTRUSION (P.) LTD.

JUDGEMENT

(1.) Heard on the question of admission. This is an appeal under Section 260A of the IT Act, 1961 challenging the order tit. 10th May, 2010 passed by Income-tax Appellate Tribunal, Indore Bench (for short Tribunal) in IT(SS)A Nos. 259/Ind/2008 and 260/Ind/2008 bearing assessment year 2000-01 and 2002-03.

(2.) Brief facts necessary for disposal of this appeal are that on the basis of search and seizure operation carried out under Section 132(1) the Respondent was served with a notice under Section 153(c) read with Section 153A of the IT Act on 24th May, 2004. The Assessee filed its return of income declaring total income as Rs. nil. The case was picked up for scrutiny and notice under Section 143 of the Act was served upon the Assessee. The Respondent/Assessee appeared before the AO. The AO on consideration of the contention raised by the Assessee in respect of share application money received by the Assessee during the relevant year found that the Assessees had received share application money from few persons who are not assessed to income-tax and PAN was not mentioned. The AO disbelieved the affidavits filed by the said persons observing that the signatures made on the same page of the deponents differ.

(3.) Aggrieved the Respondent filed an appeal before the CIT(A), Indore. The CIT(A) vide order dt. 18th Sept., 2008 dismissed the appeal filed by the Respondent.