https://www.taxtmi.com/caselaws?id=329095 The Calcutta High Court upheld the Tribunal's decision in an appeal concerning the interpretation of Section 68 of the Income Tax Act, 1961. The Court agreed that the conversion of old loans into share application money without fresh credit did not fall under Section 68. It emphasized that Section 68 applies to sums credited in the relevant year, which was not the case. The Court also ruled that the issue of consent between the assessee and creditor was not relevant to Section 68 and dismissed the appeal, affirming the Tribunal's decision and emphasizing adherence to tax provisions. en-us Thu, 16 Jun 2016 00:00:00 +0530 Wed, 22 Jun 2016 09:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329095 The Calcutta High Court upheld the Tribunal's decision in an appeal concerning the interpretation of Section 68 of the Income Tax Act, 1961. The Court agreed that the conversion of old loans into share application money without fresh credit did not fall under Section 68. It emphasized that Section 68 applies to sums credited in the relevant year, which was not the case. The Court also ruled that the issue of consent between the assessee and creditor was not relevant to Section 68 and dismissed the appeal, affirming the Tribunal's decision and emphasizing adherence to tax provisions. Case-Laws Income Tax Thu, 16 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329095