https://www.taxtmi.com/caselaws?id=211493 Unexplained share capital received in block assessment proceedings under Chapter XIV-B could not, by that circumstance alone, be treated as the company's undisclosed income under Section 68 of the Income-tax Act, 1961. The Karnataka HC applied the principle from Steller Investments Ltd. and the related authority relied on before it, holding that even if the share subscriber's genuineness was questioned, the addition was not sustainable solely on that basis. The subscriber's letter to the Assessing Officer and the Tribunal's reliance on the Settlement Commission's order supported deletion of the addition, and the revenue challenge failed. en-us Mon, 12 Dec 2011 00:00:00 +0530 Tue, 01 Dec 2015 17:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=211493 Unexplained share capital received in block assessment proceedings under Chapter XIV-B could not, by that circumstance alone, be treated as the company's undisclosed income under Section 68 of the Income-tax Act, 1961. The Karnataka HC applied the principle from Steller Investments Ltd. and the related authority relied on before it, holding that even if the share subscriber's genuineness was questioned, the addition was not sustainable solely on that basis. The subscriber's letter to the Assessing Officer and the Tribunal's reliance on the Settlement Commission's order supported deletion of the addition, and the revenue challenge failed. Case-Laws Income Tax Mon, 12 Dec 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=211493