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2010 (3) TMI 239 - PUNJAB & HARYANA HIGH COURTCash Credits – additions u/s 68 – shape application / share holder – undisclosed sources – Held that: when the identity of the share applicant and share holder is disclosed then no addition can be made under Section 68 of the Act in the hands of the assessee- respondent firm especially when the assessee had received the impugned amount in the form of share application money which was duly confirmed by the share applicant - . The proper course for the Assessing Officer could have been to re-open the assessment of the share applicants/ share holders rather than making addition against the assessee- respondent. – Revenue appeal dismissed
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