https://www.taxtmi.com/caselaws?id=78019 Share application money raised as issue under section 68 was held not to constitute undisclosed income where the company produced substantial evidence establishing the identity, creditworthiness and genuineness of the share applicants; accordingly such receipts could not be treated as unexplained income and were disallowed from being taxed as such. Where contributors alleged to be bogus are identified, the revenue remains free to reopen and investigate those contributors' individual assessments. The operative effect is that evidentiary proof of identity and creditworthiness defeats characterization of share application money as undisclosed income. en-us Mon, 30 Aug 2010 00:00:00 +0530 Fri, 30 Jan 2026 12:01:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=78019 Share application money raised as issue under section 68 was held not to constitute undisclosed income where the company produced substantial evidence establishing the identity, creditworthiness and genuineness of the share applicants; accordingly such receipts could not be treated as unexplained income and were disallowed from being taxed as such. Where contributors alleged to be bogus are identified, the revenue remains free to reopen and investigate those contributors' individual assessments. The operative effect is that evidentiary proof of identity and creditworthiness defeats characterization of share application money as undisclosed income. Case-Laws Income Tax Mon, 30 Aug 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=78019