Anand Wollen Mills (P) Ltd vs Cit
2001 Latest Caselaw 1068 Del

ORDER

At the instance of the assessed, the following question has been referred for opinion of this court under section 256(1) of the Income Tax Act, 1961 by the Tribunal, Delhi Bench:

"Whether, on the facts and in the circumstances of the case, the amount of Rs. 60,000 appearing in the books of the assessed-company and described as share application money could be considered and assessed in the hands of the assessed under section 68 of the Income Tax Act, 1961 ?"

2. Factual aspects need not be noted in detail in view of the fact that question involved has been adjudicated by a Full Bench of this court in CIT v. Sophia Finance Ltd. (1994) 205 ITR 98 (Del). In view of that decision, inevitable answer is in the affirmative, in favor of the revenue and against the assessed.

2. Factual aspects need not be noted in detail in view of the fact that question involved has been adjudicated by a Full Bench of this court in CIT v. Sophia Finance Ltd. (1994) 205 ITR 98 (Del). In view of that decision, inevitable answer is in the affirmative, in favor of the revenue and against the assessed.