https://www.taxtmi.com/caselaws?id=222094 The High Court set aside the Tribunal's order that added share capital to the income of the appellant. The Court held that even if the subscribers were not genuine, the amount could not be considered undisclosed income of the assessee. The Court emphasized that assessing the share capital in the company's hands was not justified. The confusion over the amount was resolved, and as it represented share application money from known investors, the addition of Rs. 3,08,000 as unexplained investment was deemed unjustified. The High Court ruled in favor of the appellant, deleting the addition and allowing the appeal. en-us Thu, 21 Mar 2013 00:00:00 +0530 Mon, 01 Apr 2013 11:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=222094 The High Court set aside the Tribunal's order that added share capital to the income of the appellant. The Court held that even if the subscribers were not genuine, the amount could not be considered undisclosed income of the assessee. The Court emphasized that assessing the share capital in the company's hands was not justified. The confusion over the amount was resolved, and as it represented share application money from known investors, the addition of Rs. 3,08,000 as unexplained investment was deemed unjustified. The High Court ruled in favor of the appellant, deleting the addition and allowing the appeal. Case-Laws Income Tax Thu, 21 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=222094