https://www.taxtmi.com/caselaws?id=174374 The Tribunal upheld the decision of the Ld. Commissioner of Income Tax (Appeals) to delete the addition of Rs. 35 lacs made under section 68 of the IT Act. The Tribunal emphasized that the assessee had provided necessary details to establish the identity of the share applicants, and the assessing authorities failed to verify or dispute these details. It was concluded that if share application money is received from alleged bogus shareholders, individual assessments can be reopened, but it cannot be treated as undisclosed income of the assessee. The appeal filed by the Revenue was dismissed. en-us Tue, 14 Jun 2011 00:00:00 +0530 Wed, 07 Oct 2015 14:35:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=174374 The Tribunal upheld the decision of the Ld. Commissioner of Income Tax (Appeals) to delete the addition of Rs. 35 lacs made under section 68 of the IT Act. The Tribunal emphasized that the assessee had provided necessary details to establish the identity of the share applicants, and the assessing authorities failed to verify or dispute these details. It was concluded that if share application money is received from alleged bogus shareholders, individual assessments can be reopened, but it cannot be treated as undisclosed income of the assessee. The appeal filed by the Revenue was dismissed. Case-Laws Income Tax Tue, 14 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=174374