https://www.taxtmi.com/caselaws?id=220632 The Supreme Court upheld the deletion of Rs. 25,00,000 added as bogus share application money, as the appellant failed to prove the identity and creditworthiness of the share applicants. The Court emphasized the importance of proving shareholder identity. The Court also ruled that decisions of the Jurisdictional High Court were superseded by Supreme Court rulings. Additionally, reliance on obiter dicta of the Supreme Court was deemed appropriate, as it aligned with established legal principles. The Court found the evidence provided by the assessee sufficient to uphold the decisions of the lower authorities, dismissing the appeal. en-us Fri, 04 Jan 2013 00:00:00 +0530 Thu, 16 Apr 2026 12:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220632 The Supreme Court upheld the deletion of Rs. 25,00,000 added as bogus share application money, as the appellant failed to prove the identity and creditworthiness of the share applicants. The Court emphasized the importance of proving shareholder identity. The Court also ruled that decisions of the Jurisdictional High Court were superseded by Supreme Court rulings. Additionally, reliance on obiter dicta of the Supreme Court was deemed appropriate, as it aligned with established legal principles. The Court found the evidence provided by the assessee sufficient to uphold the decisions of the lower authorities, dismissing the appeal. Case-Laws Income Tax Fri, 04 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220632