https://www.taxtmi.com/caselaws?id=286583 The Tribunal upheld the decision to delete the addition of Rs. 50,00,000 made under section 68 of the Income Tax Act for a Public Limited Company. The Tribunal found that the funds for share capital were traced to specific individuals, not the company itself, justifying the deletion of the addition. The Tribunal's ruling was based on the fact that the source of funds was identified and did not originate from undisclosed sources as concluded by the Assessing Officer. Consequently, the appeal was dismissed in favor of the assessee with no costs incurred. en-us Mon, 09 Aug 2010 00:00:00 +0530 Wed, 04 Mar 2020 16:58:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286583 The Tribunal upheld the decision to delete the addition of Rs. 50,00,000 made under section 68 of the Income Tax Act for a Public Limited Company. The Tribunal found that the funds for share capital were traced to specific individuals, not the company itself, justifying the deletion of the addition. The Tribunal's ruling was based on the fact that the source of funds was identified and did not originate from undisclosed sources as concluded by the Assessing Officer. Consequently, the appeal was dismissed in favor of the assessee with no costs incurred. Case-Laws Income Tax Mon, 09 Aug 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286583