https://www.taxtmi.com/caselaws?id=219830 The HC upheld the AO's addition of unexplained share application money under Section 68, rejecting the CIT(A) and ITAT's findings. Despite the assessee discharging the initial burden per Lovely Exports, the court held that the Revenue could still draw adverse inferences due to unverifiable and non-credible information. The inability to serve notices to five share applicants and the suspicious fund transfers into their accounts before issuing cheques to the assessee supported the AO's conclusion. Considering the large premium on shares and the substantial capital infusion soon after business commencement, the court ruled in favor of the Revenue, allowing the addition of Rs. 4.34 Crores as unexplained credit. en-us Tue, 11 Dec 2012 00:00:00 +0530 Thu, 07 Aug 2025 15:53:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219830 The HC upheld the AO's addition of unexplained share application money under Section 68, rejecting the CIT(A) and ITAT's findings. Despite the assessee discharging the initial burden per Lovely Exports, the court held that the Revenue could still draw adverse inferences due to unverifiable and non-credible information. The inability to serve notices to five share applicants and the suspicious fund transfers into their accounts before issuing cheques to the assessee supported the AO's conclusion. Considering the large premium on shares and the substantial capital infusion soon after business commencement, the court ruled in favor of the Revenue, allowing the addition of Rs. 4.34 Crores as unexplained credit. Case-Laws Income Tax Tue, 11 Dec 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219830