https://www.taxtmi.com/caselaws?id=31862 The Commissioner (Appeals) had examined the share applicants on merits and recorded findings that their identity, creditworthiness and genuineness were established. The Tribunal's remand was unjustified because that view was contrary to the record and ignored the appellate findings supporting the assessee. Where share application money is received from alleged bogus shareholders whose particulars are available, the Department may proceed against those shareholders in accordance with law, but the assessment cannot be reopened on an incorrect factual premise after the material has already been considered. The question was answered in favour of the assessee and against the Revenue, and the Tribunal's order was set aside. en-us Tue, 16 Dec 2008 00:00:00 +0530 Fri, 07 Nov 2025 14:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=31862 The Commissioner (Appeals) had examined the share applicants on merits and recorded findings that their identity, creditworthiness and genuineness were established. The Tribunal's remand was unjustified because that view was contrary to the record and ignored the appellate findings supporting the assessee. Where share application money is received from alleged bogus shareholders whose particulars are available, the Department may proceed against those shareholders in accordance with law, but the assessment cannot be reopened on an incorrect factual premise after the material has already been considered. The question was answered in favour of the assessee and against the Revenue, and the Tribunal's order was set aside. Case-Laws Income Tax Tue, 16 Dec 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=31862