https://www.taxtmi.com/caselaws?id=397200 The ITAT upheld the CIT(A)'s decision that the share premium received was not taxable under sections 56(1) and 68 of the Income Tax Act, as the assessee adequately proved the genuineness of the transactions. The assessment order was deemed time-barred and not pressed by the Revenue. The addition of consultancy fees was directed for re-examination by the AO. Professional fees were allowed as revenue expenditure, contrary to the AO's capitalization. The Revenue's appeal was dismissed, and the assessee's cross-objections were partly allowed for statistical purposes. en-us Thu, 23 Jul 2020 00:00:00 +0530 Sat, 08 Aug 2020 13:27:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397200 The ITAT upheld the CIT(A)'s decision that the share premium received was not taxable under sections 56(1) and 68 of the Income Tax Act, as the assessee adequately proved the genuineness of the transactions. The assessment order was deemed time-barred and not pressed by the Revenue. The addition of consultancy fees was directed for re-examination by the AO. Professional fees were allowed as revenue expenditure, contrary to the AO's capitalization. The Revenue's appeal was dismissed, and the assessee's cross-objections were partly allowed for statistical purposes. Case-Laws Income Tax Thu, 23 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397200