https://www.taxtmi.com/caselaws?id=182084 The ITAT Kolkata upheld the decision of the Ld. CIT(A) in a case concerning the treatment of share capital and share premium received by an assessee from private limited companies. The ITAT ruled that the share capital/premium was not to be treated as unexplained credits under sections 68/69 of the Income Tax Act. The tribunal emphasized the importance of the assessee meeting the initial burden of proof and the lack of evidence linking the funds to undisclosed income. The ITAT referenced the precedent set by the Supreme Court in Lovely Exports Pvt. Ltd. and dismissed the revenue's appeal, highlighting the need for a clear nexus between funds received and alleged undisclosed income. en-us Tue, 18 May 2010 00:00:00 +0530 Wed, 16 Aug 2023 16:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=182084 The ITAT Kolkata upheld the decision of the Ld. CIT(A) in a case concerning the treatment of share capital and share premium received by an assessee from private limited companies. The ITAT ruled that the share capital/premium was not to be treated as unexplained credits under sections 68/69 of the Income Tax Act. The tribunal emphasized the importance of the assessee meeting the initial burden of proof and the lack of evidence linking the funds to undisclosed income. The ITAT referenced the precedent set by the Supreme Court in Lovely Exports Pvt. Ltd. and dismissed the revenue's appeal, highlighting the need for a clear nexus between funds received and alleged undisclosed income. Case-Laws Income Tax Tue, 18 May 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=182084