https://www.taxtmi.com/caselaws?id=291852 The Tribunal upheld the Commissioner (Appeals)' decision, ruling that the addition of Rs. 2,53,35,000 under Section 68 of the Income Tax Act was unwarranted. It emphasized that the share premium, being a capital receipt, cannot be taxed under Section 68. The Tribunal held that the identity, capacity, and genuineness of the shareholders were adequately established, and the Assessing Officer's disagreement with the valuation of shares was deemed legally incorrect. As a result, the appeal by the Revenue was dismissed. en-us Tue, 30 Aug 2011 00:00:00 +0530 Thu, 26 Nov 2020 14:46:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291852 The Tribunal upheld the Commissioner (Appeals)' decision, ruling that the addition of Rs. 2,53,35,000 under Section 68 of the Income Tax Act was unwarranted. It emphasized that the share premium, being a capital receipt, cannot be taxed under Section 68. The Tribunal held that the identity, capacity, and genuineness of the shareholders were adequately established, and the Assessing Officer's disagreement with the valuation of shares was deemed legally incorrect. As a result, the appeal by the Revenue was dismissed. Case-Laws Income Tax Tue, 30 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291852