https://www.taxtmi.com/caselaws?id=78871 HC dismissed the Revenue's appeal and upheld deletion of addition under s. 68 on account of share application money. It affirmed the concurrent findings of CIT(A) and Tribunal that the assessee had established the identity of the share applicants, who were income-tax assessees with valid PAN and had remitted amounts through banking channels. Applying the ratio of SC in a precedent on bogus shareholders and share capital, HC held that once the assessee furnishes names and details of share applicants, any further inquiry must be directed against such applicants, and the share application money cannot be treated as the assessee's undisclosed income. en-us Tue, 07 Sep 2010 00:00:00 +0530 Tue, 02 Dec 2025 14:33:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=78871 HC dismissed the Revenue's appeal and upheld deletion of addition under s. 68 on account of share application money. It affirmed the concurrent findings of CIT(A) and Tribunal that the assessee had established the identity of the share applicants, who were income-tax assessees with valid PAN and had remitted amounts through banking channels. Applying the ratio of SC in a precedent on bogus shareholders and share capital, HC held that once the assessee furnishes names and details of share applicants, any further inquiry must be directed against such applicants, and the share application money cannot be treated as the assessee's undisclosed income. Case-Laws Income Tax Tue, 07 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=78871