https://www.taxtmi.com/caselaws?id=63323 The Tribunal allowed the appeal of the assessee concerning the addition of share capital for the assessment year 1997-98. Initially, the Assessing Officer retained an addition of Rs. 8.90 lakhs, which was upheld by the CIT(A). However, the Tribunal found that the assessee had sufficiently proven the identity of shareholders and the source of share capital. Citing Supreme Court precedent, the Tribunal ruled no addition should be made under section 68 in the company's hands, allowing the Department to pursue individual assessments of shareholders if necessary. en-us Fri, 29 Aug 2008 00:00:00 +0530 Fri, 24 Nov 2023 17:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63323 The Tribunal allowed the appeal of the assessee concerning the addition of share capital for the assessment year 1997-98. Initially, the Assessing Officer retained an addition of Rs. 8.90 lakhs, which was upheld by the CIT(A). However, the Tribunal found that the assessee had sufficiently proven the identity of shareholders and the source of share capital. Citing Supreme Court precedent, the Tribunal ruled no addition should be made under section 68 in the company's hands, allowing the Department to pursue individual assessments of shareholders if necessary. Case-Laws Income Tax Fri, 29 Aug 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63323