https://www.taxtmi.com/caselaws?id=193521 The appeal challenged the Tribunal's decision favoring the assessee and overturning the findings of the Commissioner of Income-tax and Assessing Officer regarding the addition of Rs. 2.50 crores under section 68 of the Act due to alleged receipt of bogus share application money. Despite contentions regarding the identification and creditworthiness of share applicants, reliance on legal precedents, and examination of companies floated before public issue, the Tribunal upheld its decision, emphasizing the lack of direct relation between the assessee and the applicants. The appeal was dismissed, affirming the Tribunal's ruling. en-us Wed, 28 Sep 2016 00:00:00 +0530 Thu, 03 Aug 2017 07:15:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193521 The appeal challenged the Tribunal's decision favoring the assessee and overturning the findings of the Commissioner of Income-tax and Assessing Officer regarding the addition of Rs. 2.50 crores under section 68 of the Act due to alleged receipt of bogus share application money. Despite contentions regarding the identification and creditworthiness of share applicants, reliance on legal precedents, and examination of companies floated before public issue, the Tribunal upheld its decision, emphasizing the lack of direct relation between the assessee and the applicants. The appeal was dismissed, affirming the Tribunal's ruling. Case-Laws Income Tax Wed, 28 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193521