https://www.taxtmi.com/caselaws?id=177386 The High Court upheld the deletion of the addition of unexplained share application money under Section 68 of the Income Tax Act. The court agreed with the lower authorities' decision based on documents provided by the share applicants confirming the source of investment. Citing precedent cases, the court ruled that if share application money is received from alleged bogus shareholders, the tax department can reopen their individual assessments. Consequently, the appeal challenging the addition of twenty-two lacs rupees as undisclosed income was dismissed. en-us Thu, 12 Aug 2010 00:00:00 +0530 Fri, 08 Jan 2016 11:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177386 The High Court upheld the deletion of the addition of unexplained share application money under Section 68 of the Income Tax Act. The court agreed with the lower authorities' decision based on documents provided by the share applicants confirming the source of investment. Citing precedent cases, the court ruled that if share application money is received from alleged bogus shareholders, the tax department can reopen their individual assessments. Consequently, the appeal challenging the addition of twenty-two lacs rupees as undisclosed income was dismissed. Case-Laws Income Tax Thu, 12 Aug 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177386