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        Case ID :
        Income Tax

        HC upheld ITAT's ruling that additions under s.68 were not...

        Share Allotment Through Book Entry Without Cash Receipt Not Taxable Under Section 68 As Unexplained Credit

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                HC upheld ITAT's ruling that additions under s.68 were not warranted where shares were issued without monetary consideration through book entries. The transaction involved debiting goodwill account and crediting share capital account for share allotment. Since no actual cash was received by the assessee company and the book entries were satisfactorily explained, s.68 provisions were not attracted. The court emphasized that s.68 requires actual receipt of cash/consideration, not mere book entries. The colorable device argument was rejected as the transaction nature was properly documented and explained. Appeal dismissed in favor of assessee.
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