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TMI Blog2010 (9) TMI 140X X X X Extracts X X X X X X X X Extracts X X X X ..... he help of evidence indicating the facts that amounts have been received through banking channel - share application money cannot be regarded as undisclosed income of assessee under Section 68 of Act – Appeal is dismissed. X X X X Extracts X X X X X X X X Extracts X X X X ..... round that the identity of the share applicant was not in doubt and the AO had failed to prove that the money invested by the share applicants had actually come from the coffers of the respondent-assessee. In fact, the CIT(A) in its order has observed as under:- "….. I have come to the conclusion that since the appellant company has proved the establishment of the identity of the share applicant, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ne through the record carefully. The assessee has duly established the identity of M/s. Dhanraj Keshri Chand (HUF) it has also established the genuineness of the transaction with the help of evidence indicating the facts that amounts have been received through banking channel. The Ld. First Appellate Authority has rightly placed its reliance on the decision of jurisdictional High Court and has hel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... find no merit in this Special Leave Petition for the simple reason that if the share application money is received by the assessee company from alleged bogus shareholders, whose names are given to the AO, then the Department is free to proceed to reopen their individual assessments in accordance with law. Hence, we find no infirmity with the impugned judgment……" 6. Keeping in view the aforesaid ..... X X X X Extracts X X X X X X X X Extracts X X X X
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