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2010 (4) TMI 103 - HC - Income TaxSearch and seizure assessment u/s 158BC Block assessment cash credit addition u/s 68 share application money bogus shareholders held that - The Tribunal held that the amount of share capital received by the assessee cannot be regarded as undisclosed income of the assessee particularly when the identity and the creditworthiness of the applicants have been established. There is a finding in the order passed by the Commissioner of Income Tax (Appeals) that all the 16 parties, who had applied for the shares and had made the payments towards share capital, had been summoned by the Assessing Officer and that the said parties had confirmed their identify, creditworthiness and genuineness in respect of the said transactions. Decision in CIT v. Lovely Exports Private Limited (2008 -TMI - 3703 - DELHI HIGH COURT), followed by the ITAT - Tribunal has arrived at the correct conclusion decided in favor of assessee
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