M/S GALLEY FINANCIERS & PROPERTY CONSULTANTS PVT. LTD.,PATIALA vs. ITO, PATIALA

In the result, the appeal of the assessee partly allowed for statistical purposes

Bench: Smt.Diva Singh & Smt.Annapurna Guptaआयकर अपील सं./ Ita No.51/Chd/2016 "नधा"रण वष" / Assessment Year : 2010-11

bogus shareholders, whose names were given to the Assessing Officer, then Department was free to proceed to reopen their individual assessments in accordance with the law but this amount of share application money could not be regarded as undisclosed income under section 68, of the asseessee company.” 4. Referring to the above, the Ld.Counsel for the assessee pointed out that