https://www.taxtmi.com/caselaws?id=292972 The Tribunal upheld the First Appellate Authority's decision, dismissing the revenue's appeal. It was ruled that section 68 of the Income Tax Act does not apply to non-cash share transactions where the identity, creditworthiness, and genuineness of the transactions are established. The judgment emphasized that when share capital transactions are conducted through book entries without cash involvement, section 68 does not come into play. The decision was supported by legal precedents and a thorough analysis of the case specifics. en-us Fri, 16 Nov 2018 00:00:00 +0530 Sat, 16 Jan 2021 22:03:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292972 The Tribunal upheld the First Appellate Authority's decision, dismissing the revenue's appeal. It was ruled that section 68 of the Income Tax Act does not apply to non-cash share transactions where the identity, creditworthiness, and genuineness of the transactions are established. The judgment emphasized that when share capital transactions are conducted through book entries without cash involvement, section 68 does not come into play. The decision was supported by legal precedents and a thorough analysis of the case specifics. Case-Laws Income Tax Fri, 16 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292972