https://www.taxtmi.com/caselaws?id=78896 The High Court upheld the decision to dismiss the appeal challenging the deletion of addition under Section 68 of the Income Tax Act for Assessment Year 2004-05. The Tribunal and Commissioner of Income Tax (Appeals) had both deleted the addition, as the identity of the shareholders was established with substantial evidence provided by the appellant. The Court affirmed that the share application money could not be treated as undisclosed income, citing legal precedents. Therefore, the appeal lacked merit and was dismissed based on the established identity of the share applicants. en-us Fri, 10 Sep 2010 00:00:00 +0530 Thu, 23 Dec 2010 22:48:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=78896 The High Court upheld the decision to dismiss the appeal challenging the deletion of addition under Section 68 of the Income Tax Act for Assessment Year 2004-05. The Tribunal and Commissioner of Income Tax (Appeals) had both deleted the addition, as the identity of the shareholders was established with substantial evidence provided by the appellant. The Court affirmed that the share application money could not be treated as undisclosed income, citing legal precedents. Therefore, the appeal lacked merit and was dismissed based on the established identity of the share applicants. Case-Laws Income Tax Fri, 10 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=78896