https://www.taxtmi.com/caselaws?id=78923 The appeal challenging the addition of Rs. 7,14,000 under Section 68 of the Income Tax Act for Assessment Year 2005-06 was dismissed. The Tribunal's decision to delete the addition was upheld as the shareholders' identities were established, and the acceptance of share application money in cash within a certain range was permissible. Citing the case law of Lovely Exports (P) Ltd., it was clarified that such money cannot be treated as undisclosed income of the assessee under Section 68. The appeal lacked merit and was therefore dismissed. en-us Fri, 17 Sep 2010 00:00:00 +0530 Sat, 25 Dec 2010 12:33:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=78923 The appeal challenging the addition of Rs. 7,14,000 under Section 68 of the Income Tax Act for Assessment Year 2005-06 was dismissed. The Tribunal's decision to delete the addition was upheld as the shareholders' identities were established, and the acceptance of share application money in cash within a certain range was permissible. Citing the case law of Lovely Exports (P) Ltd., it was clarified that such money cannot be treated as undisclosed income of the assessee under Section 68. The appeal lacked merit and was therefore dismissed. Case-Laws Income Tax Fri, 17 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=78923