SHREE BARKHA SYNTHETICS LTD Vs. ASTT CIT

JUDGEMENT

(1.) THIS appeal is preferred by the assessee against the order of the Income -Tax Appellate Tribunal, Jodhpur Bench, Jodhpur, dated 28 -11 -2001, relating to the assessment year 1997 -98. Against the very same judgment of the Tribunal, the revenue had also preferred an Income -tax Appeal No. 09/2003 which has been decided on 1 -5 -2003 CIT v. Shree Barkha Synthetics Ltd. , holding that no substantial question of law arose in the case by adverting to the contentions raised before the Tribunal and the facts of the case.

(2.) IN the present case, the assessing officer reached his conclusion that in the previous year relating to the assessment year, there has been increase in the share capital of the assessee -company on account of issue of shares. The shares have been issued to limited companies as well as individuals on the basis of receipt of share applications through banking channels.

(3.) THE aforesaid amount has been added by the assessing officer primarily for the reason because he was of the opinion that the applicant's creditworthiness has not been proved.