https://www.taxtmi.com/caselaws?id=460885 ITAT allowed the assessee's appeal against addition under Section 68 for unexplained cash credits from bogus share application money. The tribunal held that since the amounts were received before commencement of business, following the SC precedent in Bharat Engineering Construction Company, they could not be added as the assessee's income. The share application money received pre-business could not be considered undisclosed income, and no income escaped assessment. en-us Thu, 14 Jun 2018 00:00:00 +0530 Thu, 27 Feb 2025 13:32:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460885 ITAT allowed the assessee's appeal against addition under Section 68 for unexplained cash credits from bogus share application money. The tribunal held that since the amounts were received before commencement of business, following the SC precedent in Bharat Engineering Construction Company, they could not be added as the assessee's income. The share application money received pre-business could not be considered undisclosed income, and no income escaped assessment. Case-Laws Income Tax Thu, 14 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460885