https://www.taxtmi.com/caselaws?id=200449 The High Court ruled in favor of the assessee, dismissing the appeal brought by both the assessee and the department. The Court held that the Tribunal's deletion of an addition under section 68 of the IT Act was not justified due to lack of proof of transaction genuineness. Citing precedent, the Court emphasized that if share application money is received from alleged bogus shareholders, the department can proceed to re-open their individual assessments. The decision was influenced by the Supreme Court's judgment in Commissioner of Income Tax vs. Lovely Exports (P) Ltd. en-us Tue, 25 Apr 2017 00:00:00 +0530 Thu, 29 Mar 2018 07:31:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=200449 The High Court ruled in favor of the assessee, dismissing the appeal brought by both the assessee and the department. The Court held that the Tribunal's deletion of an addition under section 68 of the IT Act was not justified due to lack of proof of transaction genuineness. Citing precedent, the Court emphasized that if share application money is received from alleged bogus shareholders, the department can proceed to re-open their individual assessments. The decision was influenced by the Supreme Court's judgment in Commissioner of Income Tax vs. Lovely Exports (P) Ltd. Case-Laws Income Tax Tue, 25 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=200449