Citation : Commissioner of Income Tax Vs. Electro polychem LTD.
Decision:
Held by the Hon`ble Court that, if it be assumed that the subscribers of application money were not genuine, under no circumstances amount of share application money could be regarded as undisclosed income of the company. Therefore share application money in fictitious names can not be treated as undisclosed income of the assessee as per section 68.
CAclubindia
