https://www.taxtmi.com/caselaws?id=374991 The Tribunal allowed the appeal against the addition of share application money as unexplained cash credit under Section 68 of the IT Act for A.Y. 2011-12. The assessee, a real estate development company, received deposits in earlier years, transferred to "Share Application Money" in the Balance Sheet for the year under consideration. The AO added the sum as unexplained cash credit, partially upheld by CIT(A). However, the Tribunal, considering evidence of transactions and refunds in subsequent years, found no justification for the addition, following a similar ITAT Delhi Bench decision, and ruled in favor of the assessee. en-us Thu, 06 Dec 2018 00:00:00 +0530 Wed, 13 Feb 2019 12:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374991 The Tribunal allowed the appeal against the addition of share application money as unexplained cash credit under Section 68 of the IT Act for A.Y. 2011-12. The assessee, a real estate development company, received deposits in earlier years, transferred to "Share Application Money" in the Balance Sheet for the year under consideration. The AO added the sum as unexplained cash credit, partially upheld by CIT(A). However, the Tribunal, considering evidence of transactions and refunds in subsequent years, found no justification for the addition, following a similar ITAT Delhi Bench decision, and ruled in favor of the assessee. Case-Laws Income Tax Thu, 06 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374991