https://www.taxtmi.com/caselaws?id=377619 The High Court upheld the Tribunal's decision to delete the addition of Rs. 2098.25 crores made under Section 68 of the Income Tax Act, 1961. The Tribunal found that all requirements of Section 68 were met, establishing the genuineness of the transaction where preference shares were issued to a foreign investor. Despite initial suspicions, detailed inquiries confirmed the legitimacy of the investment, leading to the dismissal of the Revenue's appeal. en-us Tue, 26 Mar 2019 00:00:00 +0530 Mon, 01 Apr 2019 09:36:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377619 The High Court upheld the Tribunal's decision to delete the addition of Rs. 2098.25 crores made under Section 68 of the Income Tax Act, 1961. The Tribunal found that all requirements of Section 68 were met, establishing the genuineness of the transaction where preference shares were issued to a foreign investor. Despite initial suspicions, detailed inquiries confirmed the legitimacy of the investment, leading to the dismissal of the Revenue's appeal. Case-Laws Income Tax Tue, 26 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377619