https://www.taxtmi.com/caselaws?id=200418 The Court dismissed the appeal and ruled in favor of the assessee, based on the Supreme Court judgment in Commissioner of Income Tax vs. Lovely Exports (P) Ltd. The Court held that if share application money is received from alleged bogus shareholders, the department can re-open their individual assessments. Thus, the Tribunal was justified in deleting the addition of unexplained share capital as the assessee failed to prove the identity, genuineness, and creditworthiness of the investors. en-us Fri, 27 Jan 2017 00:00:00 +0530 Wed, 28 Mar 2018 15:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=200418 The Court dismissed the appeal and ruled in favor of the assessee, based on the Supreme Court judgment in Commissioner of Income Tax vs. Lovely Exports (P) Ltd. The Court held that if share application money is received from alleged bogus shareholders, the department can re-open their individual assessments. Thus, the Tribunal was justified in deleting the addition of unexplained share capital as the assessee failed to prove the identity, genuineness, and creditworthiness of the investors. Case-Laws Income Tax Fri, 27 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=200418