https://www.taxtmi.com/caselaws?id=333900 The ITAT ruled in favor of the assessee, holding that the share premium received could not be taxed under Section 68 of the Income Tax Act. The court found that the investing companies' identity, genuineness, and creditworthiness were established, and the AO's decision to treat the share premium as 'unexplained cash credits' was deemed incorrect. As a result, the addition of Rs. 2,18,50,000/- as income was deleted, and the appeal of the assessee was allowed. en-us Wed, 05 Oct 2016 00:00:00 +0530 Thu, 27 Oct 2016 09:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333900 The ITAT ruled in favor of the assessee, holding that the share premium received could not be taxed under Section 68 of the Income Tax Act. The court found that the investing companies' identity, genuineness, and creditworthiness were established, and the AO's decision to treat the share premium as 'unexplained cash credits' was deemed incorrect. As a result, the addition of Rs. 2,18,50,000/- as income was deleted, and the appeal of the assessee was allowed. Case-Laws Income Tax Wed, 05 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333900