https://www.taxtmi.com/caselaws?id=365394 The court ruled in favor of the appellant, determining that the shares were allotted in settlement of a pre-existing liability and not as unexplained cash credit. The court emphasized the explainability of the transaction and established the legitimacy of the allotment, setting aside the additions made under Section 68 of the Income Tax Act. en-us Mon, 06 Aug 2018 00:00:00 +0530 Tue, 18 Sep 2018 17:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=365394 The court ruled in favor of the appellant, determining that the shares were allotted in settlement of a pre-existing liability and not as unexplained cash credit. The court emphasized the explainability of the transaction and established the legitimacy of the allotment, setting aside the additions made under Section 68 of the Income Tax Act. Case-Laws Income Tax Mon, 06 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=365394