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TMI Blog2010 (9) TMI 163X X X X Extracts X X X X X X X X Extracts X X X X ..... ason to sustain the addition made by the Assessing Officer - share application money cannot be regarded as undisclosed income of the assessee under Section 68 of the Act, 1961 - appeal, being bereft of merit, is dismissed. - 1399/2010 - - - Dated:- 17-9-2010 - CORAM: HON'BLE THE CHIEF JUSTICE HON'BLE MR. JUSTICE MANMOHAN Mr. Sanjeev Sabharwal, Senior Standing Counsel Mr. S. Kris ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l in its order has observed as under :- "We have considered the rival submissions. In the case of share application money ranging between Rs.12,000/- to Rs.19,000/-, there is no provision that the same cannot be accepted in cash. All the share applicants have confirmed having applied for shares and their PA Numbers/Income-tax returns were filed so as to establish their identity. Though the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... partment is free to proceed to reopen their individual assessments in accordance with law but this amount of share money cannot be regarded as undisclosed income under section 68 of the assessee company." In view of the facts prevailing in the present case and the observations of the Hon'ble Supreme Court, we find no reason to sustain the addition made by the Assessing Officer." 4. Keeping in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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