Validity of addition for share application money merely based on surmises not valid

Pr. CIT Vs Narang Construction & Finance (P) Ltd. (Delhi High Court)  The materials on record showed not mere superficial details like PAN, ROC, etc., but further facts relating to the bank accounts of the share applicants were also there. The share applicants were entering into proper commercial transactions and were not per se forged, bogus or sham investors. There was not perversity in order passed by Tribunal warranting interference of Court. FULL TEXT OF THE HIGH COURT ORDER / JUDGMENT The revenue is aggrieved by the ITAT’s decision upholding deletion of the sum of Rs. 1,14,0...