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2010 (9) TMI 182 - HC - Income TaxUndisclosed share application money - received by the assessee company from alleged bogus shareholders - None appeared on behalf of the assessee - required particulars of the share applicants including their I.T. details & PAN wise provided to the Assessing Officer except for giving notice to the concerned persons under section 131 – Held that: - share application money, in the present case, cannot be regarded as undisclosed income of the assessee under Section 68 of the Act, 1961 – Appeal bereft of merit, is dismissed.
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