https://www.taxtmi.com/caselaws?id=357889 The High Court dismissed the appeal, upholding the Tribunal's decision that the assessee had established the identity, genuineness, and creditworthiness of its shareholders. The Court ruled that the proviso to Section 68 of the Income Tax Act did not apply to the share application money received in the relevant assessment year, as it was introduced after that period. The appeal was dismissed without costs, as the issue had been settled in a prior decision. en-us Tue, 27 Mar 2018 00:00:00 +0530 Sat, 31 Mar 2018 07:20:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=357889 The High Court dismissed the appeal, upholding the Tribunal's decision that the assessee had established the identity, genuineness, and creditworthiness of its shareholders. The Court ruled that the proviso to Section 68 of the Income Tax Act did not apply to the share application money received in the relevant assessment year, as it was introduced after that period. The appeal was dismissed without costs, as the issue had been settled in a prior decision. Case-Laws Income Tax Tue, 27 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=357889