https://www.taxtmi.com/caselaws?id=187939 The revenue's appeal against the deletion of addition on share application money and alleged commission on accommodation entry was dismissed. The CIT(A) accepted evidence provided by the assessee to establish the identity and creditworthiness of shareholders, relying on precedents like the Lovely Exports case. The Supreme Court upheld the deletion, stating that if share application money is received from alleged bogus shareholders, individual assessments can be reopened. Consequently, the addition was deleted, leading to the dismissal of revenue's appeals and the assessee's cross objection, rendering both parties' appeals unsuccessful. en-us Fri, 24 Jul 2009 00:00:00 +0530 Sat, 12 Nov 2016 10:51:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187939 The revenue's appeal against the deletion of addition on share application money and alleged commission on accommodation entry was dismissed. The CIT(A) accepted evidence provided by the assessee to establish the identity and creditworthiness of shareholders, relying on precedents like the Lovely Exports case. The Supreme Court upheld the deletion, stating that if share application money is received from alleged bogus shareholders, individual assessments can be reopened. Consequently, the addition was deleted, leading to the dismissal of revenue's appeals and the assessee's cross objection, rendering both parties' appeals unsuccessful. Case-Laws Income Tax Fri, 24 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187939