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2010 (8) TMI 652 - HC - Income TaxAddition - Unexplained share application money - Identity, creditworthiness and genuineness of the transaction - Held that:- in respect of money introduced by way of share capital, and the assessee-company furnished the names and particulars of shareholders for establishing their identity, the department may proceed to reopen the assessments of all such alleged bogus shareholders whose investment in the share capital is found to be unexplained - As per the the decision of Supreme Court in CIT v. Lovely Exports (P.) Ltd. [2008 -TMI - 76942 - SUPREME COURT OF INDIA], held that the share application money of Rs. 18,00,000 cannot be regarded as undisclosed income of assessee under section 68 of Act, 1961 - Decided in favour of assessee.
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