https://www.taxtmi.com/caselaws?id=31913 The High Court upheld the Tribunal's decision to delete the addition of Rs. 46 lakhs to the Assessee's income, which was based on inadequate responses from some share applicants. The Court emphasized that if the existence of the applicant is proven, further inquiry may not be necessary. The Revenue's argument regarding the creditworthiness of the applicants was acknowledged, but the Court noted the difficulty for the Assessee to prove this for strangers. As the Revenue failed to establish that the investment came from the Assessee's funds, the appeal was dismissed, affirming the Tribunal's decision. en-us Fri, 25 Apr 2008 00:00:00 +0530 Mon, 16 May 2016 12:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=31913 The High Court upheld the Tribunal's decision to delete the addition of Rs. 46 lakhs to the Assessee's income, which was based on inadequate responses from some share applicants. The Court emphasized that if the existence of the applicant is proven, further inquiry may not be necessary. The Revenue's argument regarding the creditworthiness of the applicants was acknowledged, but the Court noted the difficulty for the Assessee to prove this for strangers. As the Revenue failed to establish that the investment came from the Assessee's funds, the appeal was dismissed, affirming the Tribunal's decision. Case-Laws Income Tax Fri, 25 Apr 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=31913