https://www.taxtmi.com/caselaws?id=273930 The Tribunal upheld the CIT(A)'s decision to delete the protective addition made under Section 68 of the Income Tax Act, ruling that the share application money totaling Rs. 18 Crores cannot be considered unexplained cash credits in the hands of the assessee. The Tribunal emphasized that the Department should investigate alleged bogus shareholders rather than treating the amount as undisclosed income for the recipient company. As a result, the Revenue's appeal for the Assessment Year 2010-11 was dismissed. en-us Tue, 10 Apr 2018 00:00:00 +0530 Fri, 20 Jul 2018 05:42:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273930 The Tribunal upheld the CIT(A)'s decision to delete the protective addition made under Section 68 of the Income Tax Act, ruling that the share application money totaling Rs. 18 Crores cannot be considered unexplained cash credits in the hands of the assessee. The Tribunal emphasized that the Department should investigate alleged bogus shareholders rather than treating the amount as undisclosed income for the recipient company. As a result, the Revenue's appeal for the Assessment Year 2010-11 was dismissed. Case-Laws Income Tax Tue, 10 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273930