https://www.taxtmi.com/caselaws?id=78955 The appeal challenging the ITAT order on unexplained share application money and depreciation deduction was dismissed. The lower authorities accepted the evidence provided by the assessee regarding the identity and creditworthiness of share applicants, as well as proof of purchase and usage of plant and machinery. The CIT(A) and Tribunal's findings were consistent with legal precedent, concluding that the share application money could not be treated as undisclosed income under Section 68 of the Act. The appeal lacked merit based on the factual conclusions and legal mandate upheld by the lower authorities. en-us Tue, 14 Sep 2010 00:00:00 +0530 Mon, 27 Dec 2010 22:28:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=78955 The appeal challenging the ITAT order on unexplained share application money and depreciation deduction was dismissed. The lower authorities accepted the evidence provided by the assessee regarding the identity and creditworthiness of share applicants, as well as proof of purchase and usage of plant and machinery. The CIT(A) and Tribunal's findings were consistent with legal precedent, concluding that the share application money could not be treated as undisclosed income under Section 68 of the Act. The appeal lacked merit based on the factual conclusions and legal mandate upheld by the lower authorities. Case-Laws Income Tax Tue, 14 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=78955