https://www.taxtmi.com/caselaws?id=197412 The Tribunal dismissed the revenue's appeal against the ld. CIT(A)'s decision for A.Y. 2006-07, regarding the addition of share application money as undisclosed income u/s 68 of the Income Tax Act. The Tribunal found the share application money investments genuine, backed by evidence of transactions through account payee cheques and refunds through the same manner. The reliance on a third party's statement was deemed insufficient, lacking specific mention of the assessee-company and any evidence of unaccounted money flow. The appeal was thus dismissed, upholding the deletion of the addition. en-us Thu, 09 Oct 2014 00:00:00 +0530 Sat, 06 Jan 2018 07:15:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=197412 The Tribunal dismissed the revenue's appeal against the ld. CIT(A)'s decision for A.Y. 2006-07, regarding the addition of share application money as undisclosed income u/s 68 of the Income Tax Act. The Tribunal found the share application money investments genuine, backed by evidence of transactions through account payee cheques and refunds through the same manner. The reliance on a third party's statement was deemed insufficient, lacking specific mention of the assessee-company and any evidence of unaccounted money flow. The appeal was thus dismissed, upholding the deletion of the addition. Case-Laws Income Tax Thu, 09 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=197412