https://www.taxtmi.com/caselaws?id=372547 The Tribunal upheld the CIT(A)'s decision to delete the addition under Section 68 of the IT Act, as the assessee successfully proved the identity, creditworthiness, and genuineness of share applicants. The Tribunal emphasized that share premium is a capital receipt and not taxable income, dismissing the Revenue's appeal. The issues of disallowance under Section 41(1) and addition of capital expenditures pending for capitalization were not addressed in the Tribunal's order. en-us Fri, 05 Oct 2018 00:00:00 +0530 Tue, 18 Dec 2018 15:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372547 The Tribunal upheld the CIT(A)'s decision to delete the addition under Section 68 of the IT Act, as the assessee successfully proved the identity, creditworthiness, and genuineness of share applicants. The Tribunal emphasized that share premium is a capital receipt and not taxable income, dismissing the Revenue's appeal. The issues of disallowance under Section 41(1) and addition of capital expenditures pending for capitalization were not addressed in the Tribunal's order. Case-Laws Income Tax Fri, 05 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372547