https://www.taxtmi.com/caselaws?id=326622 The Tribunal concluded that the share application money received by the assessee company from seven corporate entities was legitimate and not an undisclosed income. The Tribunal found that the identity, creditworthiness, and genuineness of the transactions were adequately proven by the assessee through various documents and evidence. Therefore, the addition made by the Assessing Officer under section 68 of the Income Tax Act was deleted, and the appeal of the assessee was allowed. The Tribunal also held that the application of the Benami Transactions (Prohibition) Act by the Commissioner of Income Tax (Appeals) was unjustified. en-us Wed, 13 Apr 2016 00:00:00 +0530 Thu, 21 Apr 2016 10:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326622 The Tribunal concluded that the share application money received by the assessee company from seven corporate entities was legitimate and not an undisclosed income. The Tribunal found that the identity, creditworthiness, and genuineness of the transactions were adequately proven by the assessee through various documents and evidence. Therefore, the addition made by the Assessing Officer under section 68 of the Income Tax Act was deleted, and the appeal of the assessee was allowed. The Tribunal also held that the application of the Benami Transactions (Prohibition) Act by the Commissioner of Income Tax (Appeals) was unjustified. Case-Laws Income Tax Wed, 13 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326622