https://www.taxtmi.com/caselaws?id=180618 The Tribunal partially allowed the appeals of both the assessee and the revenue. It directed the assessing officer to delete the additions made under Section 68 concerning alleged benami share capital and premium payments, following the Supreme Court's guidance. However, the Tribunal upheld the levy of surcharge on the tax payable on undisclosed income in block assessment, aligning with the SC's decision in CIT v. Suresh N. Gupta, which clarified the applicability of the proviso to Section 113. The ruling emphasized the revenue's right to reopen individual assessments of share applicants. en-us Fri, 28 Nov 2008 00:00:00 +0530 Thu, 07 Dec 2023 09:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180618 The Tribunal partially allowed the appeals of both the assessee and the revenue. It directed the assessing officer to delete the additions made under Section 68 concerning alleged benami share capital and premium payments, following the Supreme Court's guidance. However, the Tribunal upheld the levy of surcharge on the tax payable on undisclosed income in block assessment, aligning with the SC's decision in CIT v. Suresh N. Gupta, which clarified the applicability of the proviso to Section 113. The ruling emphasized the revenue's right to reopen individual assessments of share applicants. Case-Laws Income Tax Fri, 28 Nov 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180618