https://www.taxtmi.com/caselaws?id=65355 The Tribunal found that the block assessment order lacked application of mind and was contrary to logic and reason. The share capital was duly recorded in the regular books of account, audited, and submitted to the IT authorities. The identity of the shareholders was established, and they were assessed to tax. The Tribunal concluded that there was no cogent evidence to support the AO's finding that the share capital represented undisclosed income. The addition of Rs. 2,27,15,000 was deleted, and the appeal was allowed. en-us Mon, 18 Aug 2003 00:00:00 +0530 Fri, 13 Jan 2017 10:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65355 The Tribunal found that the block assessment order lacked application of mind and was contrary to logic and reason. The share capital was duly recorded in the regular books of account, audited, and submitted to the IT authorities. The identity of the shareholders was established, and they were assessed to tax. The Tribunal concluded that there was no cogent evidence to support the AO's finding that the share capital represented undisclosed income. The addition of Rs. 2,27,15,000 was deleted, and the appeal was allowed. Case-Laws Income Tax Mon, 18 Aug 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65355