High Court affirms ITAT ruling: Converting old loans to share application money isn't new credit u/s 68. https://www.taxtmi.com/highlights?id=29879 Addition u/s 68 - ITAT is correct in holding that old loans being converted into share application money and since there was no fresh infusion of credit, section 68 of the Income Tax Act, 1961 is not applicable - HC en-us Wed, 22 Jun 2016 09:12:28 +0530 Wed, 22 Jun 2016 09:12:28 +0530 TaxTMI RSS Generator High Court affirms ITAT ruling: Converting old loans to share application money isn't new credit u/s 68. https://www.taxtmi.com/highlights?id=29879 Addition u/s 68 - ITAT is correct in holding that old loans being converted into share application money and since there was no fresh infusion of credit, section 68 of the Income Tax Act, 1961 is not applicable - HC Highlights Income Tax Wed, 22 Jun 2016 09:12:28 +0530 https://www.taxtmi.com/highlights?id=29879