High Court Finds No Substantial Legal Question in Bogus Share Application Case Due to Lack of Evidence.

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....The case pertains to additions made by the Assessing Officer on account of bogus share application money and commission for bogus accommodation entries. The ITAT deleted the additions. The High Court found that the question raised by the appellant is not a substantial question of law. The findings by the appellate authority and the Tribunal are in consonance with the law of evidence and the Income Tax Act. The assessment was based solely on the statement given by Shirish Chandrakant Shah, which he later retracted. An admission by the assessee cannot be the basis for addition in the absence of corroborative evidence. The substantial questions of law framed by the appellant pertained to an open issue already concluded by the Supreme Court dec.........