IN THE HIGH COURT OF DELHI AT NEW DELHI 
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   14.12.2004 
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 Present:        Mr Sanjeev Khanna for the appellant. 
 Mr Vinod Srivastava for the respondent. 
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 +ITA.No. 437/2003 
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 Admit. 
 Heard the learned counsel for the parties.  We have been taken through the decisions in  Commissioner of  Income-tax v Stellar Investment Ltd:  192 ITR 287;  Commissioner of Income-tax v Sophia Finance Ltd : 205 ITR 98 and Hindustan Tea Trading Company L 
 td v Commissioner of Income-tax : 263 ITR 289. 
 The following questions of law are required to be determined by this court: 
 ‘‘1.Whether addition u/s 68 of the Income Tax Act, 1961 can be made in the hands of the company in respect of alleged subscribed share capital where the assessee company is unable to prove the identity, financial capacity and genuineness of the transactio 
 ns i.e. share capital raised? 
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 2.      Whether the Income Tax Appellate Tribunal was right in allowing the appeal of the assessee and applying the decision of  the  Hon'ble  Delhi  High  Court and the 
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 ITA.No. 437/2003                                       page no.1 of 2 
 Hon'ble Supreme Court in the case of Stellar Investment Co. Ltd without going into the merits and facts of the case?’‘ 
 2.      The paper books shall be filed by the appellant within a period of three months as per rules. 
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 CHIEF JUSTICE 
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 BADAR DURREZ AHMED, J 
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 December 10, 2004 
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