No Addition for share Application money if Assessee proves genuineness of transactions

HIGH COURT OF ALLAHABAD Commissioner of Income-tax versus Misra Preservers (P.) Ltd. IT Appeal Defective No. 158 of 2001 Date of Pronouncement – 26.07.2012 ORDER 1. We have heard Sri Shambhu Chopra for the appellant. Sri S.K. Garg appears for the respondent-assessee. 2. This Income Tax Appeal under section 260A of the Income-tax Act 1961, filed by the department, is directed against the order dated 31.05.2001, passed by the Income Tax Appellate Tribunal, Agra Bench, Agra in ITA No. 7152/Del/1992 for the Assessment Year 1988-89. 3. The assessee company is engaged in the ...