https://www.taxtmi.com/caselaws?id=78973 The Court upheld the decision to delete the addition under Section 68 of the Income Tax Act for Assessment Year 2004-05. The appeal challenging the deletion of Rs.17,50,000 made under Section 68 was dismissed for lacking merit. The Court emphasized the importance of the assessee proving the identity of shareholders and clarified that share application money from alleged bogus shareholders cannot be treated as undisclosed income of the assessee. en-us Thu, 16 Sep 2010 00:00:00 +0530 Tue, 28 Dec 2010 23:06:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=78973 The Court upheld the decision to delete the addition under Section 68 of the Income Tax Act for Assessment Year 2004-05. The appeal challenging the deletion of Rs.17,50,000 made under Section 68 was dismissed for lacking merit. The Court emphasized the importance of the assessee proving the identity of shareholders and clarified that share application money from alleged bogus shareholders cannot be treated as undisclosed income of the assessee. Case-Laws Income Tax Thu, 16 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=78973