https://www.taxtmi.com/caselaws?id=127124 Additions made under s.68 of the Income-tax Act, 1961 in respect of sums received towards share capital subscription were held unsustainable, as such receipts cannot be assessed as undisclosed income of the company merely because the subscribers are alleged to be non-genuine. Applying the settled legal position affirmed by the SC, the HC held that the ITAT erred in remanding the matter to the AO for further enquiry into the share applicants. The remand was set aside and the assessees' appeals were allowed on the substantive determination that no s.68 addition lies on share capital receipts in a company limited by shares. en-us Tue, 15 May 2007 00:00:00 +0530 Wed, 17 Dec 2025 14:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=127124 Additions made under s.68 of the Income-tax Act, 1961 in respect of sums received towards share capital subscription were held unsustainable, as such receipts cannot be assessed as undisclosed income of the company merely because the subscribers are alleged to be non-genuine. Applying the settled legal position affirmed by the SC, the HC held that the ITAT erred in remanding the matter to the AO for further enquiry into the share applicants. The remand was set aside and the assessees' appeals were allowed on the substantive determination that no s.68 addition lies on share capital receipts in a company limited by shares. Case-Laws Income Tax Tue, 15 May 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=127124