https://www.taxtmi.com/caselaws?id=60316 The Tribunal ruled in favor of the appellant-company, holding that the addition of Rs. 17,87,500 as income from undisclosed sources was unjustified. The Tribunal found that the appellant had complied with all requirements of the Companies Act and had provided sufficient evidence regarding the genuineness of the share capital subscriptions. It was determined that Section 68 of the Income-tax Act did not apply in this case, as the appellant was in its formative stage and raising capital for its factory setup. As a result, the appeal was allowed, and the addition was deleted. en-us Fri, 30 Oct 1992 00:00:00 +0530 Tue, 04 Jan 2011 16:28:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60316 The Tribunal ruled in favor of the appellant-company, holding that the addition of Rs. 17,87,500 as income from undisclosed sources was unjustified. The Tribunal found that the appellant had complied with all requirements of the Companies Act and had provided sufficient evidence regarding the genuineness of the share capital subscriptions. It was determined that Section 68 of the Income-tax Act did not apply in this case, as the appellant was in its formative stage and raising capital for its factory setup. As a result, the appeal was allowed, and the addition was deleted. Case-Laws Income Tax Fri, 30 Oct 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60316