https://www.taxtmi.com/caselaws?id=172478 The Revenue's appeal against the CIT(Appeals) orders for the assessment year 2004-05 in cases involving treatment of share application money as unexplained cash credit was dismissed by the Tribunal. In the case of M/s. Victory Spinning Mills Ltd., the addition of share application money as undisclosed income was deleted as the share applicants' identities were known. Similarly, in the cases of Shri R. Thangavelu and Shri P. S. Sundaram, where the creditworthiness of share applicants was questioned, the Tribunal ruled in favor of the taxpayers due to lack of evidence linking the funds to the Managing Directors. en-us Fri, 16 Sep 2011 00:00:00 +0530 Sat, 22 Aug 2015 11:26:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=172478 The Revenue's appeal against the CIT(Appeals) orders for the assessment year 2004-05 in cases involving treatment of share application money as unexplained cash credit was dismissed by the Tribunal. In the case of M/s. Victory Spinning Mills Ltd., the addition of share application money as undisclosed income was deleted as the share applicants' identities were known. Similarly, in the cases of Shri R. Thangavelu and Shri P. S. Sundaram, where the creditworthiness of share applicants was questioned, the Tribunal ruled in favor of the taxpayers due to lack of evidence linking the funds to the Managing Directors. Case-Laws Income Tax Fri, 16 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=172478