https://www.taxtmi.com/caselaws?id=213129 The High Court upheld the decision of the Tribunal in an Income Tax Appeal, setting aside the addition of share application money in the assessee's income. The matter was remitted for reconsideration of unsecured loans. The Court emphasized the need to establish the creditworthiness of creditors for unsecured loans, following the principles in the Lovely Exports case. The appeal was dismissed as the issue was covered by the Lovely Exports case, affirming the Tribunal's decision on share capital and creditworthiness. en-us Mon, 23 Apr 2012 00:00:00 +0530 Tue, 24 Nov 2015 15:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213129 The High Court upheld the decision of the Tribunal in an Income Tax Appeal, setting aside the addition of share application money in the assessee's income. The matter was remitted for reconsideration of unsecured loans. The Court emphasized the need to establish the creditworthiness of creditors for unsecured loans, following the principles in the Lovely Exports case. The appeal was dismissed as the issue was covered by the Lovely Exports case, affirming the Tribunal's decision on share capital and creditworthiness. Case-Laws Income Tax Mon, 23 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213129