TMI BlogWhere the Revenue urges that the amount of share application money has been received from bogus...Where the Revenue urges that the amount of share application money has been received from bogus shareholders then it is for the Income Tax Officer to proceed by reopening the assessment of such shareholders and assessing them to tax in accordance with law. It does not entitle the Revenue to add the same to the assessee's income as unexplained cash credit - HC ..... X X X X Extracts X X X X X X X X Extracts X X X X
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