https://www.taxtmi.com/caselaws?id=275879 The Income Tax Appellate Tribunal (ITAT) partially allowed the Revenue's appeals in a case concerning the verification of share application money under Section 68 of the Income Tax Act. The ITAT upheld additions for subscribers who denied their investments but directed the deletion of additions where subscriber identities were established. It emphasized that if share application money is received from alleged bogus shareholders, individual assessments should be reopened rather than adding the amount as undisclosed income under Section 68, as per the Supreme Court's decision in CIT vs. Lovely Exports Pvt. Ltd. en-us Thu, 12 Jan 2017 00:00:00 +0530 Sun, 21 Oct 2018 06:41:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=275879 The Income Tax Appellate Tribunal (ITAT) partially allowed the Revenue's appeals in a case concerning the verification of share application money under Section 68 of the Income Tax Act. The ITAT upheld additions for subscribers who denied their investments but directed the deletion of additions where subscriber identities were established. It emphasized that if share application money is received from alleged bogus shareholders, individual assessments should be reopened rather than adding the amount as undisclosed income under Section 68, as per the Supreme Court's decision in CIT vs. Lovely Exports Pvt. Ltd. Case-Laws Income Tax Thu, 12 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=275879