https://www.taxtmi.com/caselaws?id=204342 The Tribunal dismissed the appeal, upholding the decision to delete the addition of share application money as unexplained income under section 68 of the Income-tax Act. The Tribunal relied on the precedent set in the case of CIT v. Lovely Exports P. Ltd., emphasizing that the Department could pursue alleged bogus shareholders rather than treating the share application money as undisclosed income of the recipient assessee-company. The Tribunal found no substantial question of law and affirmed the Commissioner of Income-tax (Appeals)'s decision, ultimately dismissing the appeal. en-us Wed, 08 Jul 2009 00:00:00 +0530 Sat, 24 Mar 2012 13:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=204342 The Tribunal dismissed the appeal, upholding the decision to delete the addition of share application money as unexplained income under section 68 of the Income-tax Act. The Tribunal relied on the precedent set in the case of CIT v. Lovely Exports P. Ltd., emphasizing that the Department could pursue alleged bogus shareholders rather than treating the share application money as undisclosed income of the recipient assessee-company. The Tribunal found no substantial question of law and affirmed the Commissioner of Income-tax (Appeals)'s decision, ultimately dismissing the appeal. Case-Laws Income Tax Wed, 08 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=204342