https://www.taxtmi.com/caselaws?id=205456 The High Court upheld the ITAT's decision to delete the addition of unexplained share application money, emphasizing the importance of establishing shareholder identity and allowing the department to reopen assessments of alleged bogus shareholders. The judgment aligned with legal precedents and the provisions of the Income-tax Act, ultimately dismissing the appeal and affirming that the share application money in question could not be considered undisclosed income under section 68 of the Act. en-us Mon, 16 Aug 2010 00:00:00 +0530 Mon, 01 Aug 2011 13:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=205456 The High Court upheld the ITAT's decision to delete the addition of unexplained share application money, emphasizing the importance of establishing shareholder identity and allowing the department to reopen assessments of alleged bogus shareholders. The judgment aligned with legal precedents and the provisions of the Income-tax Act, ultimately dismissing the appeal and affirming that the share application money in question could not be considered undisclosed income under section 68 of the Act. Case-Laws Income Tax Mon, 16 Aug 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=205456