Appeal dismissed: Share application money additions deleted for assessment years 2002-03 & 2003-04

The revenue's appeal against the deletion of addition of share application money under section 68 for different assessment years was dismissed by the Tribunal. For the assessment years 2002-03 and 2003-04, the Tribunal upheld the CIT(A)'s decisions, emphasizing the established identity of share subscribers and the onus of proving identity and genuineness on the assessee. The Tribunal found that the share applicants' identities were proven through the banking channel, supporting the assessee's case and leading to the deletion of the additions.

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Issues involved: Appeal by revenue against deletion of addition of share application money u/s 68 for different assessment years.

For AY 2002-03: Revenue contended that genuineness of transaction not established by assessee. Assessee received accommodation entries from various entities. AO treated amounts as unexplained cash credits u/s 68. CIT(A) deleted additions. Tribunal found identity of share applicants proved through banking channel, supporting assessee's case.

For AY 2003-04: Assessee received share capital from two companies. AO added amount as unexplained cash credits u/s 68. Assessee filed income-tax returns of subscribing companies, proving identity. Tribunal upheld CIT(A)'s deletion of addition, citing precedents and emphasizing onus of proving identity and genuineness on assessee.

Separate Judgement: Tribunal dismissed revenue's appeals for both AYs, upholding CIT(A)'s decisions based on established identity of share subscribers and compliance with legal requirements.

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