Section 68 Income Tax Case: Unexplained Income Additions Deleted to Avoid Double Taxation in Share Application Money.

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....Unexplained Income - addition u/s 68 - Receipt of share application money from group companies - group companies invest in each other - Double additions - In this case huge additions were made in the hands of the share allottee companies in their scrutiny assessment u/s 143(3) of the Act. Again making the addition in the case of the assessee company would tantamount to double addition. - Additions deleted - AT....