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2010 (9) TMI 171 - DELHI HIGH COURTUnexplained share application money – According to AO assessee had failed to prove the identity and creditworthiness of the share applicants and genuineness of the transaction - assessee had filed the Permanent Account Number, audited balance sheet and bank statements of the share applicants and had further furnished evidence of purchase of plant and machinery as well as its usage – Held that: - share application money cannot be regarded as undisclosed income of assessee under Section 68 of Act - appeal, being bereft of merit, is dismissed.
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