https://www.taxtmi.com/caselaws?id=286927 The Tribunal upheld the decision of the Commissioner of Income Tax (Appeals)-4, Kolkata, dismissing the revenue's appeal. It was held that the assessee had successfully proven the genuineness of the transactions and the creditworthiness of the share applicants. The Tribunal emphasized that since the share applicants were assessed to tax and their source of funds was taxed, no addition could be made under section 68 of the Act in the assessee's hands. Additionally, the Tribunal found no merit in the argument regarding the excessiveness of the share premium, as the Assessing Officer did not raise any specific queries on this issue. en-us Wed, 22 May 2019 00:00:00 +0530 Sat, 21 Mar 2020 08:54:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286927 The Tribunal upheld the decision of the Commissioner of Income Tax (Appeals)-4, Kolkata, dismissing the revenue's appeal. It was held that the assessee had successfully proven the genuineness of the transactions and the creditworthiness of the share applicants. The Tribunal emphasized that since the share applicants were assessed to tax and their source of funds was taxed, no addition could be made under section 68 of the Act in the assessee's hands. Additionally, the Tribunal found no merit in the argument regarding the excessiveness of the share premium, as the Assessing Officer did not raise any specific queries on this issue. Case-Laws Income Tax Wed, 22 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286927