Dismissing the appeal of the revenue the Court held that, when identity of the share applicant was established , additions cannot be made on surmises without conducting any further inquiry.( AY.2007 -08)
PCIT v. Himachal Fibers Ltd. (2018) 259 Taxman 4 ( Delhi) (HC) Editorial: SLP of revenue is dismissed ;PCIT v. Himachal Fibers Ltd. (2018) 259 Taxman 3 (SC)
S. 68 : Cash credits – Share capital -Identity of the share applicant was established – Additions cannot be made on surmises without conducting any further inquiry .