https://www.taxtmi.com/caselaws?id=173632 Where an assessee produced shareholders' bank accounts, incorporation certificates and income-tax returns, and thereby established the identity and genuineness of the share subscribers, addition on account of share application money was not justified merely because cash had been deposited in the subscribers' bank accounts before cheques were issued. The unexplained cash deposits, if any, were a matter for action against the subscribing companies and not a basis for addition in the assessee's hands. Applying the principle in Lovely Exports, no substantial question of law arose on the revenue's challenge, and the addition was held unsustainable. en-us Thu, 17 Sep 2009 00:00:00 +0530 Fri, 18 Sep 2015 18:30:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=173632 Where an assessee produced shareholders' bank accounts, incorporation certificates and income-tax returns, and thereby established the identity and genuineness of the share subscribers, addition on account of share application money was not justified merely because cash had been deposited in the subscribers' bank accounts before cheques were issued. The unexplained cash deposits, if any, were a matter for action against the subscribing companies and not a basis for addition in the assessee's hands. Applying the principle in Lovely Exports, no substantial question of law arose on the revenue's challenge, and the addition was held unsustainable. Case-Laws Income Tax Thu, 17 Sep 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=173632