2008 (4) TMI 263 - HC - Income Tax

Share application money - existence of the applicants - genuineness of the transaction – additions - Held that additional burden was on the Revenue to show that even if the share applicant did not have the means to make the investment, the investment made by them (share applicant) actually emanated from the coffers of the Assessee so as to enable it to be treated as the undisclosed income of the Assessee – hence revenue’s appeal is dismissed