https://www.taxtmi.com/caselaws?id=217738 The Allahabad High Court ruled in an Income Tax Appeal case concerning the treatment of share application money under Section 68 of the Income Tax Act, 1961. The Tribunal held that once the identity of shareholders is established with supporting documents, the share application money cannot be added to the assessee's income but should be taxed at the hands of the investors. The High Court affirmed this decision, emphasizing that the onus shifts to the Revenue once the identity of shareholders is proven, in line with established legal principles and precedents. The Court dismissed the appeal, upholding the Tribunal's decision and clarifying the treatment of share application money in such cases. en-us Wed, 17 Oct 2012 00:00:00 +0530 Sat, 16 May 2026 13:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217738 The Allahabad High Court ruled in an Income Tax Appeal case concerning the treatment of share application money under Section 68 of the Income Tax Act, 1961. The Tribunal held that once the identity of shareholders is established with supporting documents, the share application money cannot be added to the assessee's income but should be taxed at the hands of the investors. The High Court affirmed this decision, emphasizing that the onus shifts to the Revenue once the identity of shareholders is proven, in line with established legal principles and precedents. The Court dismissed the appeal, upholding the Tribunal's decision and clarifying the treatment of share application money in such cases. Case-Laws Income Tax Wed, 17 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217738