- (1.) By the Court: We have heard learned counsel for the Income-tax Department. None one has appeared on behalf of the assessee.
(2.) The assessment year in question is 1990-91.
(3.) The following two questions have been referred by the Tribunal for the opinion of this Court: "1. Whether on the facts and in the circumstances of the case the ld. Tribunal was justified in law in deleting the addition of Rs.1,35,000/- being the share application money allegedly received from six persons, made u/s 68 of the I.T. Act, 1961 as the assessee failed to prove the genuineness of the transaction and credit-worthiness of the alleged share applicants ? 2. Whether on the facts and in the circumstances of the case, the ld. Tribunal was justified in law in holding that the share capital cannot be equated as cash credit and that if the share holders are genuine persons the amoutn contributed by them towards share capital cannot be taken as cash credit in the hands of the company ?";