https://www.taxtmi.com/caselaws?id=182082 The Tribunal allowed the appeal, deleting the addition of Rs. 1,67,50,000 as unexplained cash credit u/s 68 of the IT Act. Relying on legal precedents, the Tribunal held that the share application money, if received from alleged bogus shareholders, should not be considered as undisclosed income of the assessee company. The Tribunal emphasized the importance of proving the genuine existence of share applicants and their source of funds to avoid unjustified additions. en-us Fri, 09 Apr 2010 00:00:00 +0530 Mon, 02 May 2016 14:39:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=182082 The Tribunal allowed the appeal, deleting the addition of Rs. 1,67,50,000 as unexplained cash credit u/s 68 of the IT Act. Relying on legal precedents, the Tribunal held that the share application money, if received from alleged bogus shareholders, should not be considered as undisclosed income of the assessee company. The Tribunal emphasized the importance of proving the genuine existence of share applicants and their source of funds to avoid unjustified additions. Case-Laws Income Tax Fri, 09 Apr 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=182082