https://www.taxtmi.com/caselaws?id=233395 ITAT Delhi ruled in favor of assessee on share capital addition under section 68. Court held that non-resident shareholders' identity, creditworthiness, and transaction genuineness were established through balance sheets, incorporation certificates, FIRC documents, and banking channel remittances. FIPB approval and ROC compliance supported assessee's position. Money remitted by non-residents through foreign banks constituted capital receipts not taxable in India. Business expenditure disallowance upheld for assessment years 2002-03 and 2003-04 due to lack of vendor registration and business activity, but allowed for 2005-06 when registration obtained. Issues regarding unsecured loans, interest disallowance, and foreign currency found during search remitted back to AO for fresh consideration with proper opportunity of hearing. en-us Fri, 12 Apr 2013 00:00:00 +0530 Tue, 10 Jun 2025 09:19:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=233395 ITAT Delhi ruled in favor of assessee on share capital addition under section 68. Court held that non-resident shareholders' identity, creditworthiness, and transaction genuineness were established through balance sheets, incorporation certificates, FIRC documents, and banking channel remittances. FIPB approval and ROC compliance supported assessee's position. Money remitted by non-residents through foreign banks constituted capital receipts not taxable in India. Business expenditure disallowance upheld for assessment years 2002-03 and 2003-04 due to lack of vendor registration and business activity, but allowed for 2005-06 when registration obtained. Issues regarding unsecured loans, interest disallowance, and foreign currency found during search remitted back to AO for fresh consideration with proper opportunity of hearing. Case-Laws Income Tax Fri, 12 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=233395