https://www.taxtmi.com/caselaws?id=368017 The Tribunal upheld the CIT(A)'s decision to delete the addition of share application money in the hands of the company under section 68 of the Income Tax Act, 1961. The Tribunal emphasized that the assessee had fulfilled its obligations by providing necessary documentation and that the revenue failed to demonstrate the share capital was bogus. The judgment highlighted the importance of establishing the identity and creditworthiness of shareholders and clarified that the revenue could pursue action against individual shareholders if deemed necessary. en-us Wed, 26 Sep 2018 00:00:00 +0530 Sat, 29 Sep 2018 06:48:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=368017 The Tribunal upheld the CIT(A)'s decision to delete the addition of share application money in the hands of the company under section 68 of the Income Tax Act, 1961. The Tribunal emphasized that the assessee had fulfilled its obligations by providing necessary documentation and that the revenue failed to demonstrate the share capital was bogus. The judgment highlighted the importance of establishing the identity and creditworthiness of shareholders and clarified that the revenue could pursue action against individual shareholders if deemed necessary. Case-Laws Income Tax Wed, 26 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=368017