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2012 (10) TMI 676 - HC - Income TaxUndisclosed income under sec 68 - Held that:- As decided in CIT v. Lovely Exports (P) [2006 (11) TMI 121 - DELHI HIGH COURT] where the identity of shareholders stood proved on record, the amount of share application money could not be added to the income of the assessee. As in this cases undoubtedly and clearly the identity of all the share applicants stood proved on record A.O lost sight of the fact that these are not ordinary cash credit appearing in the books of accounts of the assessee but these are share application moneys which cannot be treated like cash credit when identity of the share applicants gets established on record - in favour of assessee.
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