Simply paying share application money not entitle any applicant of shares to allotment of shares

IN THE ITAT AGRA BENCH Peoples Heritage Hospital Ltd. versus Deputy Commissioner of Income-tax, Circle 1(4), Agra IT Appeal No. 41 (Agra) of 2011 [Assessment year 2007-08] JULY 27, 2012 ORDER A.L. Gehlot, Accountant Member   This is an appeal filed by the assessee against the order dated 20.10.2010 passed by the ld. CIT(A)-II, Agra for the Assessment Year 2007-08 on the following grounds :- “1.  That with regards to the facts and circumstances of the case, the ld. A.O. and ld. CIT (Appeals)-II, Agra have erred in fact and law in denying the set off & carry forward ...