https://www.taxtmi.com/caselaws?id=177216 The Tribunal concluded that the identity of the share applicants was established, and hence, no addition under Section 68 was justified in the hands of the assessee company. The appeal of the assessee was allowed, emphasizing that if the Department deems the share applicants as bogus, they can reopen individual assessments but cannot make additions under Section 68 in the company's hands. en-us Mon, 06 Feb 2012 00:00:00 +0530 Thu, 30 Mar 2023 17:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177216 The Tribunal concluded that the identity of the share applicants was established, and hence, no addition under Section 68 was justified in the hands of the assessee company. The appeal of the assessee was allowed, emphasizing that if the Department deems the share applicants as bogus, they can reopen individual assessments but cannot make additions under Section 68 in the company's hands. Case-Laws Income Tax Mon, 06 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177216