- (1.) Delay condoned.
(2.) Can the amount of share money be regarded as undisclosed income under Section 68 of Income Tax Act, 1961 We find no merit in this Special Leave Petition for the simple reason that if the share application money is received by the assessee company from alleged bogus shareholders, whose names are given to the assessing officer, then the department is free to proceed to reopen their individual assessments in accordance with law. Hence, we find no infirmity with the impugned judgment.
(3.) Subject to the above, Special Leave Petition is dismissed.;