https://www.taxtmi.com/caselaws?id=221220 The High Court upheld the Income Tax Appellate Tribunal's decision for the assessment year 1996-97. It found that the assessee failed to meet the requirements of section 68 of the Income Tax Act by not adequately proving the identity, capacity, and creditworthiness of persons related to share application money. The court relied on Supreme Court decisions and a Division Bench ruling, dismissing the appeal and emphasizing the authoritative pronouncements that rejected the department's contentions. en-us Mon, 18 Feb 2013 00:00:00 +0530 Fri, 01 Mar 2013 18:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221220 The High Court upheld the Income Tax Appellate Tribunal's decision for the assessment year 1996-97. It found that the assessee failed to meet the requirements of section 68 of the Income Tax Act by not adequately proving the identity, capacity, and creditworthiness of persons related to share application money. The court relied on Supreme Court decisions and a Division Bench ruling, dismissing the appeal and emphasizing the authoritative pronouncements that rejected the department's contentions. Case-Laws Income Tax Mon, 18 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221220