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2012 (11) TMI 856 - ALLAHABAD HIGH COURTShare Application Money - Undisclosed Income u/s 68 - Agriculturist - Whether the bogus shareholders in whose hand only agricultural income has been shown can be accepted as "person" under the IT Act and the share capital introduced by such persons under the garb of share capital money can be accepted? - held that:- in case of capital contributed by a shareholder, the identity of the shareholder is only required to be proved. - order passed by the Tribunal does not suffer from any legal infirmity - appeal fails and is dismissed. Decision in the case [Commissioner Of Income Tax Versus Steller Investment Ltd.2000 (7) TMI 76 - SUPREME COURT] followed.
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