https://www.taxtmi.com/caselaws?id=178154 The High Court admitted the appeal and ruled in favor of the assessee, quashing the addition of unexplained cash credits. It emphasized that share capital cannot be treated as undisclosed income of the company, even when the source of cash is questioned. The Court held that while the Department can reopen individual assessments of depositors, it cannot attribute unexplained cash credits to the company. The judgment provided clarity on the treatment of such credits under the IT Act, 1961, based on legal principles and precedents. en-us Fri, 17 Jun 2011 00:00:00 +0530 Mon, 10 Apr 2023 16:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178154 The High Court admitted the appeal and ruled in favor of the assessee, quashing the addition of unexplained cash credits. It emphasized that share capital cannot be treated as undisclosed income of the company, even when the source of cash is questioned. The Court held that while the Department can reopen individual assessments of depositors, it cannot attribute unexplained cash credits to the company. The judgment provided clarity on the treatment of such credits under the IT Act, 1961, based on legal principles and precedents. Case-Laws Income Tax Fri, 17 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178154