TMI Blog2018 (3) TMI 1592X X X X Extracts X X X X X X X X Extracts X X X X ..... c are not substantially interested as share application money was brought in the statute with the introduction of proviso to Section 68 of the Act by Finance Act, 2012. This proviso was introduced w.e.f. 1st April, 2013. Thus, it would have no application in respect of receipt of share application money received prior thereto. In this case, we are dealing with the issue of share application mon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aw, the Tribunal was correct in holding that the assessee had established the identity, genuineness and creditworthiness of the shareholders by merely filing the profit and loss account and balance sheet of the shareholders without establishing the nature, source and genuineness of the funds used by the 13 shareholders for making the investment in the assessee company? 3. The impugned order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s share application money was brought in the statute with the introduction of proviso to Section 68 of the Act by Finance Act, 2012. This proviso was introduced w.e.f. 1st April, 2013. Thus, it would have no application in respect of receipt of share application money received prior thereto. In this case, we are dealing with the issue of share application money in the previous year relevant to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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