https://www.taxtmi.com/caselaws?id=78974 The appeal challenging the addition under Section 68 of the Income Tax Act for Assessment Year 2006-07 was dismissed by the Tribunal. The Tribunal upheld the deletion of the addition by the Commissioner of Income Tax (Appeals) based on established shareholder identities, following the precedent set in Lovely Export Pvt. Ltd. case. It was emphasized that if investor identities are proven, no addition can be made to the receiving company's income. The Tribunal ruled that the share application money in this case cannot be treated as undisclosed income, in line with Commissioner of Income Tax Vs. Lovely Exports (P) Ltd. judgment. en-us Thu, 16 Sep 2010 00:00:00 +0530 Wed, 07 Sep 2016 15:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=78974 The appeal challenging the addition under Section 68 of the Income Tax Act for Assessment Year 2006-07 was dismissed by the Tribunal. The Tribunal upheld the deletion of the addition by the Commissioner of Income Tax (Appeals) based on established shareholder identities, following the precedent set in Lovely Export Pvt. Ltd. case. It was emphasized that if investor identities are proven, no addition can be made to the receiving company's income. The Tribunal ruled that the share application money in this case cannot be treated as undisclosed income, in line with Commissioner of Income Tax Vs. Lovely Exports (P) Ltd. judgment. Case-Laws Income Tax Thu, 16 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=78974