The Commissioner Of Income Tax v. Goa Sponge And Power Ltd

IN THE HIGH COURT OF BOMBAY AT GOA TAX APPEAL NO. 16 OF 2012 THE COMMISSIONER OF INCOME TAX., Versus GOA SPONGE AND POWER LTD ., ... Appellant ... Respondent Ms. Asha A. Desai, Advocate for the appellant. P.C.:- -Coram:S. C. DHARMADHIKARI &U. V. BAKRE, JJ.-Date:13th February, 2012 Heard Ms. Dessai, appearing on behalf of the Revenue whichis aggrieved and dissatisfied with the order dated 11th August, 2011passed in ITA No.150/PNJ/2011. The assessee's appeal against theorder dated 29th July, 2011 of the CIT (Appeals), Panaji, Goa hasbeen allowed. The assessment year in question is 2004-05. 2. Having heard Ms. Dessai and with her assistance perusingthe relevant orders, including that of the Tribunal, which is underchallenge, we are of the view that the finding recorded is essentiallyof fact and particularly that the persons who are alleged to be thebogus investors have been traced and identified. Once theauthorities have got all the details, including the names andaddresses of the shareholders, their PAN/GIR number, so also thename of the Bank from which the alleged investors received moneyas share application, then, it cannot be termed as "bogus". Thecontroversy is covered by the judgments rendered by the Hon'bleSupreme Court in the case of Lovely Exports Pvt. Ltd., vs. CIT, (2008) 216 CTR (SC) 195, as also by this Court in CIT vs. CreativeWorld Telefilms Ltd., (2011) 333 ITR 100 (Bom.). In such circumstances, we are of the view that the Tribunal's finding thatthere is no justification in the addition made under Section 68 of theIncome Tax Act, 1961 neither suffers from any perversity nor gives rise to any substantial question of law. 3. As a result of the above discussion, this appeal fails and it isaccordingly dismissed. No costs. S. C. DHARMADHIKARI, J. ssm. U. V. BAKRE, J.