Dismissing the appeal of the revenue , the Tribunal held that the assesse has furnished complete particulars such as, names address , permanent account numbers confirmation letters income tax returns and balance sheet , and all are existing share holders therefore share application money cannot be assessed as undisclosed income of the assesse. ( AY. 2010-11)
ITO v. Dhanalaxmi Equipment P. Ltd ( 2018) 63 ITR ( Trib) ( S.N.)33 / 165 DTR 177 (Jaipur) ( Trib)
S.68: Cash credits- Share application money-Existing share holders- Confirmation and other details were filed -Addition as undisclosed was held to be not justified .