https://www.taxtmi.com/caselaws?id=76971 The High Court ruled in favor of the assessee, deleting the additions made by the Assessing Officer regarding share capital and sundry creditors. The Court accepted that the investments were not unaccounted for, considering the company's closure, directors' change in employment, and lack of dividends due to losses. Share capital was received through banking channels and stock brokers, with some shareholders confirming their investments. The Court emphasized the company's non-functionality and difficulties in obtaining confirmations due to small investments and shareholder unavailability. The appeal was allowed based on the lack of undisclosed income in the investments. en-us Tue, 24 Nov 2009 00:00:00 +0530 Tue, 03 Aug 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=76971 The High Court ruled in favor of the assessee, deleting the additions made by the Assessing Officer regarding share capital and sundry creditors. The Court accepted that the investments were not unaccounted for, considering the company's closure, directors' change in employment, and lack of dividends due to losses. Share capital was received through banking channels and stock brokers, with some shareholders confirming their investments. The Court emphasized the company's non-functionality and difficulties in obtaining confirmations due to small investments and shareholder unavailability. The appeal was allowed based on the lack of undisclosed income in the investments. Case-Laws Income Tax Tue, 24 Nov 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=76971