https://www.taxtmi.com/caselaws?id=237316 The appeal involved the deletion of Rs.28,25,480/- as share application money by the Assessing Officer. The CIT (A) accepted the assessee's explanation, noting the share capital was duly reflected in the balance sheet. The ITAT upheld this decision, stating the revenue's questions of law were misconceived. The revenue argued the deletion was erroneous, but the ITAT and CIT (A) found the explanation valid. The High Court dismissed the appeal, emphasizing the importance of accurate financial records in income tax assessments and adherence to legal procedures. en-us Thu, 29 Aug 2013 00:00:00 +0530 Wed, 25 Sep 2013 07:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=237316 The appeal involved the deletion of Rs.28,25,480/- as share application money by the Assessing Officer. The CIT (A) accepted the assessee's explanation, noting the share capital was duly reflected in the balance sheet. The ITAT upheld this decision, stating the revenue's questions of law were misconceived. The revenue argued the deletion was erroneous, but the ITAT and CIT (A) found the explanation valid. The High Court dismissed the appeal, emphasizing the importance of accurate financial records in income tax assessments and adherence to legal procedures. Case-Laws Income Tax Thu, 29 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=237316