2008 (1) TMI 575 - SCH - Income Tax

Share application money - income from undisclosed sources u/s 68 - Held that: that if the share application money is received by the assessee-Company from alleged bogus shareholders, whose names are given to the AO, then the Department is free to proceed to re-open their individual assessments in accordance with law - not to be treated as undisclosed income - Revenue SLP dismissed