https://www.taxtmi.com/caselaws?id=395103 The ITAT upheld the CIT(A)'s decision, dismissing the Revenue's appeal. It was held that the share premium received is a capital receipt and not taxable under Section 68 of the Income Tax Act, 1961. The ITAT emphasized that the AO had accepted the identity, creditworthiness, and genuineness of the share applicants but questioned the reasonableness of the share premium, which was not within the AO's jurisdiction for the relevant assessment year. The decision was supported by relevant case law and jurisdictional High Court rulings. en-us Mon, 24 Feb 2020 00:00:00 +0530 Wed, 06 May 2020 06:36:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395103 The ITAT upheld the CIT(A)'s decision, dismissing the Revenue's appeal. It was held that the share premium received is a capital receipt and not taxable under Section 68 of the Income Tax Act, 1961. The ITAT emphasized that the AO had accepted the identity, creditworthiness, and genuineness of the share applicants but questioned the reasonableness of the share premium, which was not within the AO's jurisdiction for the relevant assessment year. The decision was supported by relevant case law and jurisdictional High Court rulings. Case-Laws Income Tax Mon, 24 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395103