https://www.taxtmi.com/caselaws?id=778033 ITAT MUMBAI - AT held that the addition under s.68 is unsustainable where there is no finding that shareholders are bogus; forfeiture of share application money is a capital receipt and not taxable as income, though AO may reopen assessments of shareholders if receipts are doubtful. Interest income was held to be business income, affirming the Tribunal and HC that the interest arose from business activity. Disallowance of expenses on an ad hoc basis, including the Rs.50,000 cap, was deleted and that ground allowed. en-us Fri, 05 Sep 2025 00:00:00 +0530 Tue, 09 Sep 2025 08:38:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=778033 ITAT MUMBAI - AT held that the addition under s.68 is unsustainable where there is no finding that shareholders are bogus; forfeiture of share application money is a capital receipt and not taxable as income, though AO may reopen assessments of shareholders if receipts are doubtful. Interest income was held to be business income, affirming the Tribunal and HC that the interest arose from business activity. Disallowance of expenses on an ad hoc basis, including the Rs.50,000 cap, was deleted and that ground allowed. Case-Laws Income Tax Fri, 05 Sep 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=778033