https://www.taxtmi.com/caselaws?id=383832 The Court upheld the ITAT's decision to set aside the PCIT order under Section 263 of the Income Tax Act in the appeal against the AY 2010-11 assessment. The ITAT found that the Assessee's investments in the form of disclosed equity shares did not warrant invoking Section 263. It clarified that Section 68's creditworthiness examination applies to various transaction forms, not just cash. As the Assessee received shares, not cash, the deeming provision of Section 68 did not apply. The Court dismissed the appeal, affirming the ITAT's interpretation and reasoning. en-us Fri, 26 Jul 2019 00:00:00 +0530 Thu, 01 Aug 2019 06:07:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383832 The Court upheld the ITAT's decision to set aside the PCIT order under Section 263 of the Income Tax Act in the appeal against the AY 2010-11 assessment. The ITAT found that the Assessee's investments in the form of disclosed equity shares did not warrant invoking Section 263. It clarified that Section 68's creditworthiness examination applies to various transaction forms, not just cash. As the Assessee received shares, not cash, the deeming provision of Section 68 did not apply. The Court dismissed the appeal, affirming the ITAT's interpretation and reasoning. Case-Laws Income Tax Fri, 26 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383832