2010 (7) TMI 146

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..... their individual assessments in accordance with law - the share application money of rupees twelve lacs cannot be regarded as undisclosed income of assessee under Section 68 of Act, 1961 - 889/2010 - - - Dated:- 19-7-2010 - Represented:- Through: Ms. Prem Lata Bansal, Advocate Through: None CORAM: HON'BLE THE CHIEF JUSTICE HON'BLE MR. JUSTICE MANMOHAN MANMOHAN, J (OR .....

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..... he ITAT have found that the assessee had filed copies of share applications, share certificates, conformations/ affidavits and income tax return acknowledgements. The PAN numbers of the investors had also been furnished to the assessing officer. Both the authorities below have also held that if the share application money had been received by the assessee from alleged bogus shareholders, then the .....

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