https://www.taxtmi.com/caselaws?id=39827 Share application money credited in a company's books in the names of an assessee's wife and major sons could not be treated as the assessee's undisclosed income merely because the source was questioned. The rule used for unexplained deposits in the assessee's own account was inapplicable, since the amount was not credited in his personal books. In the absence of material showing that the company was a device to evade tax, or that the corporate form could be ignored under piercing the corporate veil, and with no evidence that the deposits were made by the assessee, the addition was not sustainable. en-us Thu, 28 Oct 1971 00:00:00 +0530 Tue, 20 Apr 2010 15:15:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39827 Share application money credited in a company's books in the names of an assessee's wife and major sons could not be treated as the assessee's undisclosed income merely because the source was questioned. The rule used for unexplained deposits in the assessee's own account was inapplicable, since the amount was not credited in his personal books. In the absence of material showing that the company was a device to evade tax, or that the corporate form could be ignored under piercing the corporate veil, and with no evidence that the deposits were made by the assessee, the addition was not sustainable. Case-Laws Income Tax Thu, 28 Oct 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39827