The undisclosed income of group was surrendered by flagship company before Income-tax Settlement Commission (ITSC) with specific pleadings that profit made outside books was utilized for making investments in share capital of group companies.  ITSC settled income.  Assessing Officer on basis of statement of director, held investment in form of share capital in various companies as accommodation entry and made additions under section 68 and also estimated the commission. Tribunal deleted the addition on the ground that flagship company specifically declared that undisclosed income which was offered before Settlement Commission had been applied by way of share capital to group entities. Therefore, undisclosed income already having been taxed in hands of flagship company could not again be subjected to tax in hands of assessee companies in form of application of said income as their share capital. On appeal by the Revenue High Court affirmed the order of the Tribunal. (AY. 2013-14, 2014-15)