2009 (5) TMI 290 - CHHATTISGARH HIGH COURT

Whether the Tribunal as well as the Commissioner of Income (Appeals) were justified in deleting the addition made by the Assessing Officer on account of unexplained investment in share capital in spite of the respondent’s failure to discharge the onus cast upon it as per the provisions of law. - if the share application money is received by the assessee-company from alleged bogus shareholders, whose names are given to the Assessing Officer, then the Department is free to proceed to reopen their individual assessments in accordance with law, but it cannot be regarded as undisclosed income of the assessee – Investment not confirmed by some applicants – Not undisclosed income of assessee - Tribunal as well as the Commissioner of Income (Appeals) were justified in deleting the addition made by the Assessing Officer on account of unexplained investment in share capital