https://www.taxtmi.com/caselaws?id=220520 The HC upheld the ITAT's deletion of the addition under section 68 regarding unexplained share application money. It ruled that if the assessee company receives share application money from alleged bogus shareholders whose details are provided to the AO, the Department should reopen assessments of those individuals rather than treat the amount as undisclosed income. The court found the AO failed to conduct proper inquiry despite the assessee furnishing all relevant material. Consequently, no addition under section 68 could be sustained, resulting in a decision favorable to the assessee. en-us Mon, 21 Jan 2013 00:00:00 +0530 Tue, 05 Aug 2025 16:38:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220520 The HC upheld the ITAT's deletion of the addition under section 68 regarding unexplained share application money. It ruled that if the assessee company receives share application money from alleged bogus shareholders whose details are provided to the AO, the Department should reopen assessments of those individuals rather than treat the amount as undisclosed income. The court found the AO failed to conduct proper inquiry despite the assessee furnishing all relevant material. Consequently, no addition under section 68 could be sustained, resulting in a decision favorable to the assessee. Case-Laws Income Tax Mon, 21 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220520