https://www.taxtmi.com/caselaws?id=179732 The Revenue's appeal against the CIT(A)'s order upholding the addition made u/s 68 of the Income Tax Act 1961 was dismissed by the ITAT Hyderabad. The assessing officer's addition of share capital was deleted as the remand report lacked sufficient reasons for rejecting the investors' identity and creditworthiness. The Tribunal cited precedents to support that even if share applicants are not genuine, the share capital cannot be treated as undisclosed income of the assessee. The addition was deemed unsustainable in the assessee's hands but could be considered as unexplained investments in the investors' hands under section 69 of the Income Tax Act, 1961. en-us Fri, 29 Jan 2010 00:00:00 +0530 Tue, 08 Mar 2016 18:44:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179732 The Revenue's appeal against the CIT(A)'s order upholding the addition made u/s 68 of the Income Tax Act 1961 was dismissed by the ITAT Hyderabad. The assessing officer's addition of share capital was deleted as the remand report lacked sufficient reasons for rejecting the investors' identity and creditworthiness. The Tribunal cited precedents to support that even if share applicants are not genuine, the share capital cannot be treated as undisclosed income of the assessee. The addition was deemed unsustainable in the assessee's hands but could be considered as unexplained investments in the investors' hands under section 69 of the Income Tax Act, 1961. Case-Laws Income Tax Fri, 29 Jan 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179732