https://www.taxtmi.com/caselaws?id=291782 The ITAT held that share capital and share premium received by the assessee companies cannot be considered as income under Section 56(1) of the Income Tax Act for the assessment years in question. The ITAT relied on CBDT Circular No. 3/2012 and the decision in Vodafone India Services Pvt. Ltd. v. UOI, establishing that share premium is a capital receipt. Regarding Section 68, the ITAT ruled that the CIT(A) lacked authority to make additions, emphasizing the burden on the Revenue to establish a nexus between the assessee and the source of funds. The ITAT also emphasized the right to cross-examine witnesses and deleted the partial addition sustained by the CIT(A) under Section 68. en-us Thu, 09 Nov 2017 00:00:00 +0530 Tue, 24 Nov 2020 20:14:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291782 The ITAT held that share capital and share premium received by the assessee companies cannot be considered as income under Section 56(1) of the Income Tax Act for the assessment years in question. The ITAT relied on CBDT Circular No. 3/2012 and the decision in Vodafone India Services Pvt. Ltd. v. UOI, establishing that share premium is a capital receipt. Regarding Section 68, the ITAT ruled that the CIT(A) lacked authority to make additions, emphasizing the burden on the Revenue to establish a nexus between the assessee and the source of funds. The ITAT also emphasized the right to cross-examine witnesses and deleted the partial addition sustained by the CIT(A) under Section 68. Case-Laws Income Tax Thu, 09 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291782