https://www.taxtmi.com/caselaws?id=277714 The Tribunal upheld the Commissioner of Income Tax (Appeals)'s decision to delete the addition made under Section 68 of the Income Tax Act, amounting to Rs. 20,07,60,000. The Tribunal ruled that Section 68 does not apply when shares are issued for consideration other than cash, emphasizing that the transactions were barter in nature. Judicial precedents supported this view, stating that Section 68 pertains to actual sums of money, not transactions involving barter or book entries without cash flow. The Tribunal found the Assessing Officer's invocation of Section 68 erroneous and affirmed the deletion of the addition, dismissing both the revenue's appeal and the assessee's cross-objection. en-us Wed, 26 Sep 2018 00:00:00 +0530 Wed, 19 Dec 2018 06:48:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277714 The Tribunal upheld the Commissioner of Income Tax (Appeals)'s decision to delete the addition made under Section 68 of the Income Tax Act, amounting to Rs. 20,07,60,000. The Tribunal ruled that Section 68 does not apply when shares are issued for consideration other than cash, emphasizing that the transactions were barter in nature. Judicial precedents supported this view, stating that Section 68 pertains to actual sums of money, not transactions involving barter or book entries without cash flow. The Tribunal found the Assessing Officer's invocation of Section 68 erroneous and affirmed the deletion of the addition, dismissing both the revenue's appeal and the assessee's cross-objection. Case-Laws Income Tax Wed, 26 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277714