https://www.taxtmi.com/caselaws?id=205539 The High Court upheld the Tribunal's decision to treat the share capital subscription as undisclosed income due to the assessee's failure to establish the identity of alleged bogus shareholders. Additionally, the disallowance of interest under the proviso to section 36(1)(iii) was upheld as the borrowed funds were not utilized for business expansion. The High Court found no legal merit in the assessee's arguments, affirming the Tribunal's order and dismissing the appeal. en-us Thu, 14 Jul 2011 00:00:00 +0530 Thu, 08 Sep 2011 16:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=205539 The High Court upheld the Tribunal's decision to treat the share capital subscription as undisclosed income due to the assessee's failure to establish the identity of alleged bogus shareholders. Additionally, the disallowance of interest under the proviso to section 36(1)(iii) was upheld as the borrowed funds were not utilized for business expansion. The High Court found no legal merit in the assessee's arguments, affirming the Tribunal's order and dismissing the appeal. Case-Laws Income Tax Thu, 14 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=205539