https://www.taxtmi.com/caselaws?id=76947 The appeal challenging the deletion of share application money under Section 68 of the Income Tax Act, 1961, was dismissed by the Supreme Court. The court found that the identity of the share applicants, who were corporate assessees assessed by the Income Tax Department, was established through confirmations and detailed evidence provided during assessment proceedings. As a result, the court concluded that there was no substantial question of law in the case and dismissed the appeal without costs. This case underscores the importance of proving the identity and creditworthiness of creditors in transactions involving share application money. en-us Mon, 05 Jul 2010 00:00:00 +0530 Fri, 30 Jul 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=76947 The appeal challenging the deletion of share application money under Section 68 of the Income Tax Act, 1961, was dismissed by the Supreme Court. The court found that the identity of the share applicants, who were corporate assessees assessed by the Income Tax Department, was established through confirmations and detailed evidence provided during assessment proceedings. As a result, the court concluded that there was no substantial question of law in the case and dismissed the appeal without costs. This case underscores the importance of proving the identity and creditworthiness of creditors in transactions involving share application money. Case-Laws Income Tax Mon, 05 Jul 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=76947