https://www.taxtmi.com/caselaws?id=181432 The Tribunal overturned the Assessing Officer's addition under section 68 of the Income-tax Act, 1961, concerning share application money received pending allotment by the jewelry manufacturing company for the assessment year 2006-07. The Tribunal accepted the audited Balance Sheets of the investor, SPSA, establishing its creditworthiness. Consequently, the Tribunal deemed the addition unwarranted, directing its deletion and allowing the assessee's appeal. en-us Fri, 11 Dec 2009 00:00:00 +0530 Sat, 16 Apr 2016 17:22:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181432 The Tribunal overturned the Assessing Officer's addition under section 68 of the Income-tax Act, 1961, concerning share application money received pending allotment by the jewelry manufacturing company for the assessment year 2006-07. The Tribunal accepted the audited Balance Sheets of the investor, SPSA, establishing its creditworthiness. Consequently, the Tribunal deemed the addition unwarranted, directing its deletion and allowing the assessee's appeal. Case-Laws Income Tax Fri, 11 Dec 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181432