Genuine share application money duly assessed in hands of share applicant can’t be taxed in hands of recipient

If share application money had been assessed in hands of share applicants, then same would not be assessed in hands of assessee

Section 68 of the Income-tax Act, 1961 - Cash credits [Share application money] - Assessment year 2001-02 - Whether in case transactions related to receipt of share application money are genuine and are fully recorded by share applicants, then no addition shall be made in hands of assessee - Held, yes [Para 7] [Partly in favour of assessee]
Refer:[2014] 42 taxmann.com 147 (Delhi)
HIGH COURT OF DELHI
Commissioner of Income-tax-II
v.
Kansal Fincap Ltd