https://www.taxtmi.com/caselaws?id=216989 The Tribunal dismissed the revenue's appeal, upholding the CIT(A)'s decision to delete the addition of share application money as income from undisclosed sources. The judgment emphasized the necessity of establishing the legitimacy of share applicants and their investments, as well as applying legal principles under Section 68 of the Income Tax Act, 1961. The Tribunal directed the Department to reopen individual assessments of the alleged share holders instead of adding the share application money to the company's income, following precedents set by the Hon'ble Supreme Court in similar cases. en-us Fri, 27 Jul 2012 00:00:00 +0530 Tue, 11 Sep 2012 17:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216989 The Tribunal dismissed the revenue's appeal, upholding the CIT(A)'s decision to delete the addition of share application money as income from undisclosed sources. The judgment emphasized the necessity of establishing the legitimacy of share applicants and their investments, as well as applying legal principles under Section 68 of the Income Tax Act, 1961. The Tribunal directed the Department to reopen individual assessments of the alleged share holders instead of adding the share application money to the company's income, following precedents set by the Hon'ble Supreme Court in similar cases. Case-Laws Income Tax Fri, 27 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216989