In the result, the appeal filed by the assessee is dismissed and the appeal filed by the revenue is allowed

Bench: Shri Rama Kanta Panda & Shri K.Narasimha Charyassessment Year: 2009-10 Farmax India Limited Vs. Dcit,Circle-1(3) 4Th Floor, Alluri Trade Centre I.T.Towers, A.C.Guards Bhagayanagar Colony Masab Tank Opp.Kphb Colony Hyderabad Kukatpally Hyderabad-500 072

purchase the shares for substantial amount. The decision of the Hon’ble Supreme Court in the case of M/s. Lovely Exports Pvt.Ltd. was also considered by the Hon’ble Delhi High Court. In the instant case, the appellant neither produced the shareholders nor their lenders for examination by the Assessing Officer, neither the identity is proved nor the creditworthiness