https://www.taxtmi.com/caselaws?id=279850 The Tribunal dismissed the Revenue's appeals and allowed the assessee's appeals. It upheld the deletion of additions under Section 56(1) as share premium was considered a capital receipt. The disallowance of expenses due to non-commencement of business activities was overturned as the expenses were related to rental income. The Tribunal directed the deletion of the addition made under Section 68 for share capital received, emphasizing the established identity and genuineness of transactions. It stressed the importance of procedural fairness, allowing cross-examination rights to ensure principles of natural justice were upheld. en-us Mon, 30 Oct 2017 00:00:00 +0530 Tue, 09 Apr 2019 05:48:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279850 The Tribunal dismissed the Revenue's appeals and allowed the assessee's appeals. It upheld the deletion of additions under Section 56(1) as share premium was considered a capital receipt. The disallowance of expenses due to non-commencement of business activities was overturned as the expenses were related to rental income. The Tribunal directed the deletion of the addition made under Section 68 for share capital received, emphasizing the established identity and genuineness of transactions. It stressed the importance of procedural fairness, allowing cross-examination rights to ensure principles of natural justice were upheld. Case-Laws Income Tax Mon, 30 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279850