Receipt of share application money not taxable in case of non-resident

M/s. Shreenath Heritage Liquor Pvt Ltd. Vs ACIT (ITAT Jaipur) Conclusion: Addition under section 68 on account of share application money received from non-resident was not justified as money brought into India by non-residents for investment or other purposes was not liable to Indian Income Tax. Held: Assessee received share application money from non-resident. AO made the addition of Rs. 83.25 lacs u/s 68 on the ground that creditworthiness of the investor was not proved. It was held investment made by Shri Jagjit Singh amounting to Rs. 85.23 lacs through his Saving Bank A/c towards share a...